Balance
The amount available in an account. The balance is the net of all credits minus all debits. A positive account balance indicates the holder has money. Meanwhile, a negative balance indicates the holder owes money. Account balances are important because they are indicative of whether the holder has money for living expenses.
Credit Card
A credit card is a thin rectangular piece of plastic or metal which facilitates consumer debt. This payment card entitles the holder to use funds from the issuing company to purchase goods and services. Cardholders must pay back the borrowed money, plus any applicable interest and agreed-upon charges. They must do so either in full by the billing date or over time.
Financial Literacy
Financial literacy is the ability to use monetary knowledge to acquire and communicate meaning in all aspects of economic life.