When you’re economically unstable or desperate for money. But in reality, they only temporarily help you and permanently hurt you, in the means of money, but more specifically loans. Due to the fact that loans charge an interest rate or an annual percentage rate (APR), depending on the amount of money you decided to borrow and how long you decided to borrow it for. Which can vary from an eight percent to a sixteen percent interest rate, annually or yearly, that is usually increased when you have a short term loan or a loan that is scheduled to be repaid in less than a year, instead of a long term loan or a loan that is going to be paid off over an extended time frame that exceeds one year in duration. Overall, resulting in losing money due to the fact that you have to pay the money that you borrowed, plus the interest fee the bank decides to charge. Moreover, I decided to make a comparison between The Most Dangerous Game by Connell and the dangerous game that were lured into when we take out credit cards and loans. Likewise, credit cards and debit cards are extremely distinct because credit cards charge an interest rate or fee, plus your purchase or borrowed fee, like loans. In contrast to debit cards that directly transact money from your bank account to pay for your …show more content…
And if you haven’t, I'm talking about interest rates. That can vary from thirteen percent to twenty two percent, for credit cards, depending on your card type like a business or a student credit card. Moreover, when you logically think about the effort that you put into earning your hard earned cash. Would you prefer to preserve your money or gradually lose it over time because of interest rates. Additionally, take in, for instance, earning a hundred dollars, which are automatically transferred to your bank account, and having to pay a purchase fee, which is fifty six dollars with your credit card, plus an eighteen percent interest fee. Which is usually evaluated by multiplying the total money that you borrowed by the percent or interest fee the bank decides to charge, which also pertains to loans. Resulting in sixty six dollars being transacted from your bank account to pay for your purchases, instead of paying fifty six dollars with paper cash. Due to the fact that you’re were willing to pay an extra ten dollars because you insisted to pay with electronic money, instead of paper money. Likewise, some people might argue that if they had to carry paper cash, there are more likely to lose it than carrying a plastic card. But when you actually think about it and picture yourself losing your money. Would you rather prefer to lose your credit card, which people can