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If you have ever used a credit card to make a purchase, you might also know that credit cards are loans. While they may not feel like your standard loan, where you make a set monthly repayment on a set amount borrowed, they are loans nonetheless.
But credit cards differ from standard loans in one important way; the interest charged ‘compounds’. In other words, when you do not pay off the credit card balance in full each month, you will pay interest on top of interest. So easy to charge.
Love Your Money this Valentine's Day
February can be a challenging month. After the long, dreary month of January has passed and with kids entering mid-term break, the temptation can be to back off your financial goals. After all, it’s the month where advertisers kick into full marketing overdrive to separate you from your cash with their savvy Valentines-themed marketing drives because they know how tempting it can be to have a little fun. Who could blame you. January was such a long month after all, those grey days of post-Christmas austerity, who needs that?