Credit cards
Updated: 1/22/2020
Credit cards
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  • Dad can you help me with a something i wanna know
  • Yeah sure what do you wanna know
  • I wanna know more about credit cards
  • So Credit cards are a small plastic cards issued by a bank, business, etc, allowing the holder to purchase goods or services on credit. 
  • Also If you don't pay your credit card bill expect to pay late fees, receive increased interest rates, and incur damages to your credit score. If you continue to miss payments your card can be frozen, your debt could be sold to a collection agency, and the owner of your debt could sue you and have your salary garnished. That's why its important to pay all of your fees and interest on time
  • But what is interest
  • But there are downsides because if you purchase anything on a credit card your going to have to pay interest
  • I am glad you asked,interest is the charge for the privilege of borrowing money, typically expressed as annual percentage rate
  • But what would happen if you dont pay interest on time
  • So son,if you dont pay all of it or, dont pay it completely When you carry, or revolve, a credit card balance from month to month, interest is charged on a daily basis, and it affects both your existing balance and any new purchases that post to your account.
  • Thanks for your help
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