The credit card: A key to access the financial mainstream or an omnipresent temptation? It’s convenient and can protect us from theft, even provide cash if necessary. But research shows that we’re inclined to spend more when paying with a credit card than we would with cash, and those who only pay the minimum balance due on a card purchase can end up paying more than twice the original price of the product. Darden Professor Greg Fairchild provides advice on how to make the credit card work for the consumer, rather than the other way around.
The BizBasics video series, created by the University of Virginia Darden School of Business, is designed to explain basic business concepts and common business buzz words.