Credit and debt
Credit is money you borrow from a financial institution like a
bank or credit union, to spend the way you want.
However, credit isn't your personal money tree growing in the
backyard. Any credit you use is a debt that must be paid back to
the credit provider - usually with extra costs on top of the amount
you borrowed such as interest, fees and charges.
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Video: Credit hangover - MoneySmart Rookie
Credit hangover video.
Staying on top of your finances is important, it is easy to get
into debt by borrowing money on your credit card. Watch this
video to learn how to avoid financial rookie errors with
Last updated: 03 Apr 2018