Credit Cards

Credit cards allow consumers to borrow money and charge purchases. Credit companies charge finance fees including interest to cover the total cost of credit. Common credit card issuers include Visa, Discover, American Express and MasterCard. It is important to monitor one's credit rating and score to understand borrowing ability. While credit cards provide convenience and rewards, they can also enable overspending if not used carefully due to higher prices and interest charges on balances. Laws like the Truth in Lending Act and Fair Credit Billing Act aim to protect consumers by requiring transparency around credit terms and access to credit reports.