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Financial Responsibility 101: A Course for Teenagers
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Lesson 4,
Topic 2
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Types of credit
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Some examples of credit are: credit cards, personal loans, car loans, and home loans. Each will have it’s own interest rate (in a percentage), time to repay the loan, and whether or not it is a one-time loan or what is called an open line of credit which can be used at any time, as long as there is money within the $2,000 maximum amount available.