Interest and Repayment

When you borrow money, like with a loan or a credit card, you usually have to pay back more than you borrowed. Most of that extra amount is called interest, the main cost of borrowing, though a loan can also add other fees. This is the opposite of the interest a savings account pays you. Here, you pay interest instead of earning it. Paying back on time and in full can help you avoid extra fees and more interest charges.

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