Unsecured loans and credit card borrowing can be expensive. Credit card interest rates are steep. Many cards offer low introductory rates for the first six months, but raise the rate thereafter. Even many of the so-called low interest credit cards charge double-digit interest rates at a time when your bank offers only 3 percent on your savings account. Many cards charge as much as 21 percent, especially merchant credit cards. Many charge an additional annual fee, plus service charges for cash advances.
Paying off credit cards can take years. Most women don’t realize just how much the interest compounds over time. For example, even if you make the minimum monthly payments on a balance of $1,000 with an interest rate of 18 percent, you could be making payments for…
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