Finance Myth #3 – Debit Cards Are Safer Than Credit Cards
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- MythBusters
🛡️ Debit cards might seem safer, but credit cards often offer better fraud protection and dispute options. Know your tools! 💳⚔️
Taxes can be a tricky concept, even for adults, but explaining them to a child doesn’t have to be boring! Let’s break it down in a way that’s fun and easy to understand. Taxes are like a small share of money that people give to the government to help build schools, fix roads, and keep parks clean. Think of it as everyone chipping in to make the world a better place.
Banking errors can sometimes lead to minor inconveniences, but in rare cases, they result in catastrophic financial losses. Some of these mistakes cost millions—or even billions—due to human error, technical glitches, or security breaches. One of the most shocking cases of all time involved Citibank in 2020, where a simple mistake led to a loss of nearly $900 million. Here’s how it happened.
Your credit score is a crucial factor in personal finance, yet many people don’t fully understand how it works. A credit score is a three-digit number that represents your creditworthiness. Lenders, landlords, and even employers use it to assess how responsible you are with money. The higher your score, the better financial opportunities you’ll have.
Many people underestimate the power of compound interest, but it’s one of the most important principles in finance. Simply put, compound interest is when you earn interest not only on your initial deposit but also on the interest that accumulates over time. This allows your money to grow exponentially rather than linearly.
