Assume you earn 4% interest in a savings account. Whether you pay a tax of 100% in a non-inflationary environment, or collect that interest tax-free with 4% inflation, the end result is the same. In other words, inflation is a tax that requires no approval from legislators. This concept isn’t lost on our government, which is currently mired in over $100 trillion of debt and unfunded obligations.
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Credit cards provide a safe and convenient avenue for short-term borrowing. When used wisely and responsibly, credit cards provide valuable benefits that cash simply can’t including consumer protections, cash dividends and other rewards. They can also help establish and improve one’s credit rating, which is especially valuable when shopping for long-term credit to buy a home or car.
The bottom line: Yes, credit cards can get careless people into a lot
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