Wednesday April 22, 2015 Go Over Last Night’s Homework Credit Notes

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Presentation transcript:

Wednesday April 22, 2015 Go Over Last Night’s Homework Credit Notes Agenda Go Over Last Night’s Homework Credit Notes What NOT to do: Presented by the Big Tymers Bankruptcy Article

Civics and Economics Day 143

Last Night’s Homework Answer the following questions in complete sentences. What are the three parts of a budget? Why is savings so important? Why is saving now better than saving later? What is the difference between a credit card and a debit card?

Credit Notes

What is Credit? Credit is your ability to obtain goods or services based on trust that payment will be made in the future. “Can you be trusted to pay back your money?” “Are you credit worthy?”

Costs of Using Credit Finance charges Interest Late fees

Bank Loans Big loans Repaid monthly with interest added Smaller loans Ex: Credit cards Big loans Homes, cars, businesses Repaid monthly with interest added To get a loan, you’ll need a credit history. The better your credit history, the lower your interest rate

Co-Signer If you have bad credit, you may need a co-signer A co-signer is The person who agrees to be responsible for loan payments if the borrower fails to make them.

For a healthy credit report… Open a checking and savings account Open utility and rent accounts in your name Get a credit card and pay the balance each month Pay all bills ON or BEFORE the due date

For a poor credit report… Don’t establish credit in your name Pay bills late, or worse… not at all One late payment on a credit card can cause the interest rate to go up 5-10% Get turned over to collection agencies Declare bankruptcy

What NOT to do: Presented by the Big Tymers http://www.youtube.com/watch?v=9iCd6UHR- 3I&list=PLwSwSef4oLdfW5rw3v_Av7hxendAOJqcQ What NOT to do: Presented by the Big Tymers

What did they do that was bad for your credit?

Bankruptcy Articles In partners…On One Sheet of Paper. Read the two articles about Bankruptcy and answer the 13 questions on bankruptcy. Questions 1-5: “What is the difference between chapter 11, chapter 7 and chapter 13 bankruptcy?” Questions 6-14: “6 Bankrupt Celebrities Who Went From Rich to Broke”