If you have ever borrowed money from a financial institution, odds are that you were charged interest. Interest, or the annual percentage rate (APR), is the amount you pay to borrow money. A recent survey by the Council for Economic Education found that 81% of college students underestimate how long it will take to pay off a credit card balance and 48% of respondents from a CompareCards survey stated the interest rate (both on-going and the introductory rate) as the most important factor when considering a new credit card. Check out this fun infographic that takes a look at how you can avoid over-paying on interest charges. You may be surprised just how easy it really is!
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