7 Questions
What mistake do many Americans make when it comes to credit card debt?
They carry a balance from month to month, making only minimum payments.
What happens if you don't pay off the full credit card balance every month?
You will incur interest on the remaining balance.
What impact can carrying a credit card balance from month to month combined with high interest rates have?
It can hinder your ability to create a secure financial future.
What is the simplest way mentioned in the text to avoid credit card debt altogether?
Not using a credit card at all
What is a credit card?
A form of payment that allows you to take out a loan from the credit card issuer
How is credit card debt typically calculated?
In monthly cycles
What happens when you pay with a credit card?
You are taking out a short-term loan from the credit card issuer
Test your knowledge on the responsible use of credit cards in the U.S. Understand the benefits and risks associated with credit card usage to make informed financial decisions.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
