BE CREDIT WISE PRESENTED BY GREENPATH

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Presentation transcript:

BE CREDIT WISE PRESENTED BY GREENPATH This presentation will cover the basics of credit: what it is, how it can help and hurt your financial situation. How to responsibility handle credit and fix problems associated with credit.

WHAT DOES CREDIT MEAN? What do you think? HAVE IT NOW, PAY IT LATER Credit is a way of having something now and paying for it later. Credit is neither a positive nor a negative thing; it can be wisely or poorly. What do you think?

ADVANTAGES OF CREDIT Pay for large items over time Replaces need to carry cash Helps build credit Helps with emergencies or sales

DISADVANTAGES OF CREDIT Commits future earnings False sense of financial security May include finance charges Encourages over-spending

Ask yourself these two questions: BEFORE YOU APPLY Ask yourself these two questions: 1. How much credit can I afford? 2. Do I currently have a spending plan?

Ask yourself these two questions: ODDS OF A LAYOFF? BEFORE YOU APPLY Ask yourself these two questions: ODDS OF A LAYOFF? 1. How much credit can I afford? HOW STABLE IS YOUR JOB? DO YOU HAVE EMERGENCY FUNDS? 2. Do I currently have a spending plan?

TYPES OF CREDIT Borrowing from a friend Credit cards Charge cards Debit cards Secured cards Installment credit Mortgage loan Home equity loans

SHOPPING FOR CREDIT Installment Loans Credit Cards Annual Percentage Rate (APR) Finance charge Loan maturity Credit Cards Grace period Late payment fees Other charges

THE THREE C’S OF CREDIT CAPACITY CAPITAL CHARACTER

STEPS TO ESTABLISHING CREDIT OPEN A CHECKING OR SAVINGS ACCOUNT APPLY FOR A LOAN THAT HAS COLLATERAL OBTAIN A CO-SIGNER APPLY FOR A SECURED CREDIT CARD OPEN A CHARGE ACCOUNT AT A LOCAL DEPT. STORE

COST OF MAKING MINIMUM PAYMENTS What do you notice?

GET IN TOUCH CONTACT US f t We’d love to chat more! GreenPath is a not for profit consumer credit counseling agency and Hud approved housing counseling agency headquartered in Farmington Hills MI. f facebook.com/greenpathdebt t twitter.com/greenpathdebt

THANK YOU