credit card debt
Definition
An unsecured financial obligation to one or more banks or companies that issue consumer credit cards, resulting from purchases or advances using the card that have not yet been paid back. No collateral is required for credit card borrowing, but interest rates tend to be higher than for other types of loan, and severe late payment penalties may apply.
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Business Tips
Switch from Credit to Debit Cards to Achieve a Better Credit Score
Credit card debt is no friend to your credit score. One of the best ways to avoid credit card debt is to pay the debt right away, through the use of a debit card. Debit is different from of credit. Wi ... Read more
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