Chapter 16 Credit in America

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Presentation transcript:

Chapter 16 Credit in America MYPF CHAPTER 16 13-SEPT-2001 Chapter 16 Credit in America What Is Credit? Money borrowed to buy something now, with the agreement to pay for it later. © South-Western Educational Publishing

Describe how credit developed in America. Lesson 16.1 What Is Credit? Describe how credit developed in America. Define basic credit vocabulary. Discuss the advantages and disadvantages of using credit. © South-Western Educational Publishing

Development of Credit Read the information in book Page 387-388. In the past Credit today Lets discuss! © South-Western Educational Publishing

The Vocabulary of Credit Borrower or debtor Creditor Capital Collateral Principal Finance charge © South-Western Educational Publishing

Advantages and Disadvantages of Consumer Credit Purchasing power Emergency funds Convenience Deferred billing Proof of purchase Safety Disadvantages Higher costs Finance charges Tie up income Overspending © South-Western Educational Publishing

Lesson 16.2 Types and Sources of Credit List and describe the kinds of credit available. Describe and compare sources of credit. © South-Western Educational Publishing

Kinds of Credit Open-ended credit Closed-end credit Service credit Open 30-day accounts Revolving credit accounts Credit card terms Closed-end credit Service credit © South-Western Educational Publishing

Credit Card Terms Annual percentage rate (APR) Free period (grace period) Annual fees Transaction fees and late fees Method of calculating the finance charge © South-Western Educational Publishing

Sources of Credit Retail stores Credit card companies Banks and credit unions Finance companies Pawnbrokers Private lenders Other sources of consumer credit © South-Western Educational Publishing

What is good credit © South-Western Educational Publishing