Seeing Finance » debt http://www.seeingfinance.com Visual Explanations of Finance and Economics Wed, 25 Jan 2012 07:20:38 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Credit Cards: The Basics http://www.seeingfinance.com/2009/credit-cards-the-basics/ http://www.seeingfinance.com/2009/credit-cards-the-basics/#comments Sun, 31 May 2009 04:31:18 +0000 admin http://www.seeingfinance.com/?p=188 credit_card_comic_crop

Captions:
(1) Enter some personal information in an application and send it to the credit card company.

(2) The card issuer will estimate your ability to pay back money, and send you a credit card with a limit that they determine.

(3) You can make purchases until you reach the credit limit.

(4) The card issuer will send a monthly bill that shows how much you spent.

(5) You will have a set number of days (the “grace period”) to make a payment. You will be charged fees if you miss a payment deadline.

(6) A – Pay only a small portion of the balance each month, and interest charges will quickly pile up.
B – Pay the full balance each month, and it’s a free loan.

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