http://creditcardadvice.com/dont-just-pay-your-minimum-credit-card-balance-monthly/ Your Source for Credit Card Advice Fri, 20 Jan 2012 15:34:09 +0000 hourly 1 http://wordpress.org/?v=3.0.4 http://creditcardadvice.com/dont-just-pay-your-minimum-credit-card-balance-monthly/comment-page-1/#comment-1614 Who's in Charge of Your Financial Life, You or Your Credit Card? | Peerform Tue, 30 Aug 2011 20:25:24 +0000 http://creditcardadvice.com/?p=352#comment-1614 [...] With a loan, the final payment date, loan amount and all other details are explained when you get the money.  For a credit card, however, the processes of signing up and getting approved happens in advance of actually getting any money — and you don’t even “see” the money, you just “see” all the stuff.  This creates a disconnect between the act of using the credit card and thinking about the money spent as a loan. Also, with credit cards, unlike many loans, the rates may change, and while you’re required to make monthly payments, if there’s no final date to replay the borrowed amount.  In fact, the longer you take to pay off your balance, the happier your credit card company is. [...] [...] With a loan, the final payment date, loan amount and all other details are explained when you get the money.  For a credit card, however, the processes of signing up and getting approved happens in advance of actually getting any money — and you don’t even “see” the money, you just “see” all the stuff.  This creates a disconnect between the act of using the credit card and thinking about the money spent as a loan. Also, with credit cards, unlike many loans, the rates may change, and while you’re required to make monthly payments, if there’s no final date to replay the borrowed amount.  In fact, the longer you take to pay off your balance, the happier your credit card company is. [...]

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