Credit card companies define customers who pay off their balances each month as "Deadbeats!" This is because the company makes very little profit from these people. Go figure... it's good to be a deadbeat!
On the other hand, credit card companies define people who roll-over their balances from month to month as Revolvers. They love these people... they make lots and lots of money off of them!
Credit cards let you buy things on the promise that you'll pay later. This can cause a lot of people to live beyond their means and get buried in debt.
Debit cards look like credit cards, but you don't pay interest on the items you buy. But remember... you must have money in your account to cover the amount of a purchase or you will be charged a fee!
Click here to learn about consequences of misusing credit cards, and click here for answers to commonly asked questions about them.
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