Cards, Cars, and Currency Lesson 2 Econ Lowdown
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What are credit cards?
A convenient form of borrowing with a revolving line of credit
Why are there laws regarding credit cards?
To protect consumers
When do credit card holders pay interest?
When they don't pay the card balance in full each month
What is interest?
The price of using someone else's money
What happens if you pay more than the minimum balance on your credit card each month?
The total amount of interest paid will decrease, and the amount of time required to pay off the balance will decrease.
