This is probably a simple question for most of you here, but i have no idea. Im 17 and all my life Ive been running from becoming older. Im trying to learn about the things I dont know but will need.
Credit cards are one of them. How do they work? What is interest? What does it mean when someone says “pay back the balance” ? do you have to add up all the money you used on your card that month and pay it all back? What if you earned the money and its not a loan? What the fuck is credit score?
are there any classes i can take that will help me because i feel so stupid for not knowing the most basic stuff
You can Google all these things. I like using websites like nerdwallet. If you want some kind of course, you can probably find a youtube video or look up a course on sites like udemy
>How do they work?
A credit card is basically a small loan. You can use the card to pay for stuff, but you have to pay it back. If you pay it all back in full every month, you don’t have to pay any interest, and you might get some rewards points (depending on your card). That’s the best way to use a credit card. If you don’t pay it all back every month, you’ll have to pay some interest on the part you didn’t pay off. It’s best to avoid that, but it’s good to have the option for emergencies.
>What is interest?
Interest is money they charge you for giving you the loan. With credit cards, if you pay them back in full every month, you won’t have to pay interest. But if you don’t pay it off, they’ll charge interest on the part you didn’t pay off.
>What does it mean when someone says “pay back the balance” ?
The balance is the total amount you owe on your card.
>do you have to add up all the money you used on your card that month and pay it all back?
They’ll add it all up for you and send you the bill (or post it online if you choose paperless statements). As long as you pay it all off before the due date, you won’t have to pay interest.
>What if you earned the money and its not a loan?
I’m not sure what you mean by that. Money you earn from your job is put in the bank, and you use that to pay off your credit card balance.
>What the fuck is credit score?
That’s how loan companies decide if you’re safe to lend to. If you have a long history of paying your debts on time, you’re low-risk and they’ll be more willing to lend to you, and may charge less interest. If you have a history of not paying your debts, or paying them late, you’re high-risk and will have a harder time getting a loan (or renting a home), and will likely have to pay higher interest, if they’re willing to lend to you at all.
> Im 17
honestly mate, you need to just start with[ the links in the sidebar](https://www.reddit.com/r/personalfinance/wiki/index) and the [prime directive](https://www.reddit.com/r/personalfinance/wiki/commontopics). take it slow and steady and you will be fine.
You may find these links helpful:
– [Credit Building](/r/personalfinance/wiki/credit_building)
– [Credit Reports](/r/personalfinance/wiki/credit_reports)
– [Credit Scores](/r/personalfinance/wiki/fico)
– [Credit Cards](/r/personalfinance/wiki/creditcards)
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