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Debt can very easily add up on credit cards. Also man people have the temptation to overspend with credit cards.
Credit is the exchange of money between two parties with future reimbursement of the money. Your credit record is important because you can unlock saving and better secure loans on future investments.
1. Americans owe more than 26% of their income to credit card debt
2. 3 in 10 cardholders never redeem their rewards
3. Americans owe more then 1$ trillion in credit card debt
4. The average household pays $904 in interest annually
The minimum payment is deceptive because many consumers believe if they pay the minimum there will be no other consequences, however the interest adds very quickly and soon they are stuck with massive interest payment
1. Pay off your payments in full
2. Limit the number of cards you have
3. Be sure to budget so you know what you can afford
4. Don't get a credit card if you cant be responsible