Using credit cards is a necessary part of everyday life. Without them, some things would be difficult or downright impossible to obtain, and with the ever-growing presence of internet shopping, travel, insurance and numerous online products, having credit cards is essential. Unfortunately, our little pieces of plastic are a virtual payment method, and we often overspend without too much thought as to the growing amount of the credit cards bills at the end of the month! If you fail to pay off the full amount each month, interest is added to your credit cards statements and the balances accumulate as the months go on.
Interest on credit cards.
By paying off your credit cards, youre not only reducing the balances, youre also bringing down the total of accumulating interest each month. Think about it, you purchase something costing $100, and pay the minimum amount when the bill comes in. Interest is added to your credit cards statements, varying from anything around starting rates of 5% right up to a whopping 40%. For each month that you dont pay the full balance, the interest on your credit cards keeps getting added on. That $100 purchase you made a few months...
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