The true cost of using credit cards

Here are a few disadvantages of using credit cards you should avoid.

Interest Payments

One of the most significant drawbacks to using a credit card is the  interest payments you will have to make. The average credit card  interest rate is about 16%.

These include annual fees, balance transfer fees, cash advance fees, and late payment charges, just to name a few.

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It’s easy to lose track of how much money you have available in your account since no physical dollars are being spent on cards.

The Danger of Overspending

It will take much longer to pay off your credit card debt, resulting in an excessive amount of money in interest costs.

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The Minimum Payment Trap


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