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Financial Literacy
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What is the difference between a credit card and a debit card?
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A
A credit card allows you to borrow money, while a debit card deducts money directly from your checking account.
💡 Explanation:
A credit card is a type of revolving credit that allows you to borrow money up to a certain limit. You are then charged interest on the amount of money you borrow. A debit card, on the other hand, is a type of electronic payment card that deducts money directly from your checking account when you make a purchase.