The Disadvantages & Advantages of Credit Cards

Front

What is a potential negative consequence of using credit cards excessively?

Back

A snowball effect in which you become buried deep in credit card debt.

Front

What often happens shortly after opening a credit card?

Back

You receive multiple offers to open other credit cards.

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How can credit cards assist in financial management?

Back

They allow you to track your expenses, which can help you maintain your budget.

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What risk do credit cards pose to financial health?

Back

They can place your financial health into serious jeopardy.

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Front

What is a primary cause of serious credit card debt?

Back

Irresponsible spending habits.

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Front

What is the advantage of having a credit card for emergencies?

Back

It provides immediate access to funds when unexpected expenses arise.

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Front

What is a common feature of credit cards that can lead to debt?

Back

High-interest rates on unpaid balances.

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What is the importance of understanding credit card terms and conditions?

Back

It helps users avoid hidden fees and understand their repayment obligations.

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Front

How can credit cards impact your credit score?

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Responsible use can improve your credit score, while misuse can damage it.

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Front

What is a credit limit?

Back

The maximum amount of credit that a lender extends to a borrower.