After the market meltdown of late 2008 and early 2009, interest rates dropped to near historic lows. While these low rates are bad news for savers and anyone depending on interest income, low rates are beneficial to borrowers. But even when lending rates are low, it’s important to understand all applicable finance charges you may face, so that you can be confident you are getting the best deal and staying within your budget.

Finance Charge Basics. In general terms, a “finance charge” is the fee that you pay to a lender in order to borrow money or use a line...

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