To sum it up, American existence is fundamentally tied to credit. It’s an indisputable fact that a lack of robust credit could detrimentally impact your career opportunities, prevent you from securing housing rentals, or cause difficulty in qualifying for loans. Considering the American way of life, there is often a necessity for loans during various stages of life, for example, for education, vehicle acquisition, or home buying. In certain situations, loans may even be taken on to settle other debts. This ongoing cycle can cause confusion for outsiders, put numerous Americans in precarious debt situations, and keeps a significant portion of Wall Street prosperous. The typical American household is burdened with credit card debts that run into several thousand dollars. What’s even more concerning is that a substantial number of these families consciously accept this debt load. Moreover, an average American tends to have multiple credit cards. The advantage of a credit card is its ability to facilitate purchases without immediate cash availability. As long as you’re dedicated to making the minimum monthly payments, it seems manageable, doesn’t it? Nevertheless, this strategy only works if you don’t mind becoming a sort of financial prisoner. In the following discourse, we’ll touch on some important aspects regarding debt and credit cards. To encapsulate this – if you don’t possess the know-how to responsibly manage a credit card, it’s better not to have one. Proceed to uncover 25 Interesting Facts About Credit Cards You May Not Know.
25 Things You Might Not Know About Credit Cards
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