220 National Financial Literacy Month - Day 13 -Credit Cards & You

An assumption is made when it comes to credit cards and it is this, everyone knows about credit cards. If this were the case people would use them more judiciously and they would not have the massive credit card debt they have. 

All people do not have credit cards or plastic cards. Credit cards provide people with the ability to purchase large, unexpensive purchases and more expensive items and they do not have to immediately pay back the purchases and it does not come out of the bank account. Credit cards also help people build their credit history. 

The annual percentage rate (APR) is the amount of interest that you’ll owe the credit card issuer on any unpaid balance. You’ll want to pay close attention to this number when you apply for a credit card.

Debit card purchases result in money coming directly out of your bank account and it does not build your credit history. Debit cards provide a good start for people just starting out managing their credit. You can't borrow money with debit cards.

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Learn about Paul Lawrence Vann's virtual Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link:  https://bit.ly/3dbperG