Why was buying on credit risky for families?

The banks have most of the power in credit arrangements. They might start you out with a low “teaser rate,” but at any time, they can increase that to 20% or higher. When you think about the details, it becomes clear why you should never buy anything on credit. 1. Usury Laws. Debt has been a problem for a long time.

Explanation:

Question:

Why was buying on credit risky for families?

Explanation:

The Temptation to Overspend.

Interest Makes It Harder to Pay off the Balance.

Risk of Getting Into Debt.

Risk of Ruining Your Credit Score.

Minimum Payments Create a False Sense of Security.

Confusing Credit Card Terms.

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