Read through this article:
http://money.cnn.com/2009/05/20/pf/saving/credit_cards_willis/?postversion=2009052012
Answer these questions on a sheet of paper while you read it:
1. What will the bill that President Obama is trying to pass do in terms of credit cards?
2. What does your APR all include??
3. How must you be aware of hidden rates?? What hidden rates could there be?
4. Your thoughts on the article??
The bill will make it harder for credit card companies to hike rates and fees. The APR includes your annual fee, a transfer fee, and your interest rate. Hidden rates would be taking out a cash advance, the interest on a cash advance, introductory rates, payment schedules, late fees, and default rates. I don't think much of this article because it's almost the same as the one from yesterday. It doesn't even go in depth really and this is why I use a debit card instead of a credit card. It allows me to spend the money I have without any interest or consequences.
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