Credit Basics Personal Finance.

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Presentation transcript:

Credit Basics Personal Finance

Managing Credit Responsibly Credit Is: Individuals must pay back... Credit availability depends on...

What are three credit sources? 1 2 3

Why are you spending future income when using credit?

What are two examples of the purpose of credit providing long‐term benefits. What can happen if credit is not managed responsibly?

What are three benefits to using money saved or invested instead of credit? What is a disadvantage of doing this?

Summarize why reading a contract carefully is important and what a person should consider. Summary:

Describe the recommended amount to borrow.

Types of Credit Closed-End Open - End Definition: Features: Example:

What are features of alternative credit?

Describe each type of alternative credit. Payday Loan: Rent‐to‐Own: Title loan: Pawn loan: Refund Anticipation Loan:

Shopping for Credit What is a credit application? What types of information does it include? Why might a lender check a persons credit history? What is the trade‐off to no credit history check? Why should a person shop around with different lenders? How could shopping around impact their credit score?

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