week 7 assignment - Nobody wants to pay more than they have...

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Every single one of us need to borrow money at least one point in our lives. Whether you are looking to purchase a house, buy or lease an automobile, or simply need to borrow $20 from a friend or relative, borrowing money is as much a part of life as breathing and walking. Loan companies, such as credit card companies, banks, credit unions, and even bail bonds can be more than willing to loan or let you borrow money. They are in the business to make money, however. Therefore, they charge what is called interest, ultimately costing you more than what the initial loan is worth. Our decisions when borrowing money for our purchases are largely based on interest rates.
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Unformatted text preview: Nobody wants to pay more than they have to. We research and hunt for the best deal possible. We are Americans and we want the most for our money. When purchasing a house or car, we search for the loan that will suit our needs best, and interest rates are a big factor in our decisions. When getting a line of credit, via credit card, sometimes the interest rates are so high; they are the only thing that you are paying off, keeping you from actually paying off the borrowed money. The lower the interest rates, the more of your borrowed debt you pay. Interest rates can be a fast track to falling deep into debt....
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