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True or False: Credit cards are a closed and secured line of credit. Explain.

2 Answers

3 votes

Answer:

False, a secured line of credit is guaranteed by an asset called collateral, such as a home or a car.

An unsecured line of credit is not guaranteed by any asset—for instance, a credit card.

Explanation:

User MikeeMike
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6 votes

Answer:

The cost of credit is basically the late fees and transfer fees on your credit card. ... May combine elements of closed and open-end credit. Usually higher interest rates and higher fees.

Explanation:

User Dave Patterson
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