Credit & Debt Management

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Presentation transcript:

Credit & Debt Management Is all credit and debt bad?

What is debt? Debt is an amount of money borrowed by one party from another.

What is credit? Credit is buying now and paying later. You pay a fee when you use credit: this can include interest and/or service charges.

Money Tips Pay cash—if you don’t have the money right now save up for it! If you must borrow: compare the costs of borrowing and make the best choice for you Keep within your budget: Don’t buy things on credit that you can’t afford to pay back. Pay back more and pay more often.

Key Terms Loan-the money that you have borrowed Lender-the person or organization that makes the loan Principal-the amount that is lent to you Term-the length of time of the loan

Money Math Annual Interest Rate * Term (in days) * Principal 365 (days in a year) = Interest Charges

What’s it going to cost you? www.getsmarteraboutmoney.ca Click Tools and Calculators, then University Cost and Debt Calculator