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Family
Living
Financial
Tips
Using
Credit Wisely
All of us receive
numerous offers for credit cards each month, some of these with
unbelievable interest rates. However, many users quickly get in
trouble, especially younger adults who are away from home for
the first time or attending college. Using credit wisely is important
for all of us as we save, invest and spend.
Late
fees: The late payment fee on credit cards has doubled
during the past ten years from around $12 to $25.
Interest
rates: A late payment can trigger an increased interest
rate (APR) that is about 10 points higher than the normal approved
rate.
Best
bet: Pay off your entire balance each month and there
will be no interest payment all.
For more information
on these issues and using credit wisely you can go to www.truthaboutcredit.org
with lots of information on how to avoid the credit card trap.
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