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Quick Credit Lesson #41:
Credit counseling service has lately become a primary caretaker for people who wants to be debt free. The service offers various options that would help people with their credit card debt. The service provides reduced interest rates, elimination of late fees and over limit fees, consolidate all your unsecured credit card debt to one simple monthly payment, and savings of up to 40-50%.
Installment Loan - A loan in which the amount and number of payments are fixed.
Interest - The cost of borrowing (or lending) money. Usually a percentage.
Interest Rate - Credit is not free! When you use money provided by a bank or financial institution, the interest rate reflects the amount they charge you for that service.
Introductory APR - This is a temporary, usually low, interest rate (expressed as a yearly rate) offered by providers to "introduce" you to their services. It will usually go up after a certain amount of time.
