Credit Cards Be Afraid!.

Slides:

Advertisements

Similar presentations

Choosing and Using Credit Cards. Beware of the Free Shirt! Many credit card companies offer students free items just for filling out an application. Every.

Advertisements

HOW CREDIT CARDS WORK What you need to know about credit cards- including what credit cards companies can and can’t do, and what information they have.

Using a Bank or Credit Union consumer.gov. Why use a bank? A bank is a place to keep your money safe A bank’s services include: – checking accounts and.

Good Debt vs. Bad Debt Middle School Financial Literacy #5.

1 Credit 100 Understanding Credit. 2 All About Credit  What is credit?  Credit cards Rewards Risks Terms  Interest rates  Using credit successfully.

Credit Consumer Economics. What is credit? The ability to borrow money now with the promise that you will repay it in the future. Credit can be a useful.

Loans - Mortgages. Amortization Table Just like Credit cards Month Beginning BalancePaymentInterestPrincipalEnd Balance.

Ch. 7 Financial Literacy. Describe a financially irresponsible person : bills not paid on time inadequate basics to live comfortably spends money on luxury.

Pre-test.  A. Your age  B. The length of time you have had the card  C. The amount of money you owe on your credit card  D. The terms and conditions.

CREDIT CARDS CALM 20. What is a Credit Card? A credit card can be a convenient way to pay for almost anything, from a new pair of shoes to a holiday in.

Credit Cards Know what you’re getting into…. Pros  Convenient  Easy to Track  Consumer Protection  Special Services  Rewards (Points/Miles/Credits.

Monitoring cash flow Deficit = -ve cash flow at end of month Surplus = +ve cash flow at end of month.

Understanding Credit Cards Learning about the little piece of plastic with a big responsibility Comparecards.com.

Money Matters Personal Financial Management. Why Personal Finance is Important Where are you? Where are you going?

The promise to pay money in exchange for the right to receive goods and services now. Examples Personal Loans Mortgages. Credit Cards Lines of credit.

Grade 8 Mathematics FLBP Lesson 6 Credit Cards Financial Literacy Budget Project.

Managing My Credit Cards Use credit cards presentation slides 04/09.

Financial Planning: Credit Cards

HOW TO GET AND KEEP CREDIT

Great Rates. Personal Service.

Disclaimer: The views expressed are those of the presenter and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve.

Credit and Credit Cards

Teacher instructions:

Test Drive – Credit Cards

What are the different ways you could pay for a car?

Credit: A Promise to Pay

Borrowing Money Unit 6.

USING CREDIT SSEPF4: The student will evaluate the costs and benefits of using credit.

The FRAME Routine Banking Options Checks Debit Card Credit Card

Disclaimer: The views expressed are those of the presenter and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve.

Test Drive – Credit Cards

Teens 2 lesson seven understanding credit presentation slides 04/09.

Borrowing Econ 10/13.

7.6.7 Simple Interest.

Those who are wise never pay interest… they earn it!

Credit CALM 20.

Credit cards Debts.

Objective: Compare and contrast debit and credit

Credit and Credit Cards

2nd Quarter Project Credit.

Financial Planning: Credit Cards

Building Your College & Adult Financial Foundation

How to keep them healthy and maintain them for life

Preparing for College and Careers

YOUR MONEY, YOUR FUTURE GAME OF LOANS

LESSON TWO: PERSONAL SPENDING

Dealing with Debt and Credit

Calculating Interest Interest can grow in a couple different ways, and its important to know how much you will be paying back when you borrow money for.

Lesson seven credit presentation slides.

Basic Banking Services

Financial Literacy & Capabilities

Basic Banking Services

Financial Literacy: Credit Cards

Statement of Financial Position

Financial Literacy & Capabilities

Financial Literacy & Capabilities

Average Credit Card Debt Average Minimum Payment

Financial Planning: Credit Cards

Teens 2 lesson seven understanding credit presentation slides 04/09.

5 of the Most Commonly Asked Credit Card Questions.

Personal Finance Banking and Saving.

Personal Financial Literacy: Personal Debt

Banking and Credit.

Credit and Your Credit Rating

How would you obtain goods and services if you did not have any money?

Visit the following website:

Teens 2 lesson seven understanding credit presentation slides 04/09.

Basic Banking Services

Interest Rates & Loans Borrowing money intelligently.

Presentation transcript:

Credit Cards Be Afraid!

Reasons to get a Credit Card

Credit Card Tricks Credit Cards have many high & hidden fees 0.0% interest rates do not last! (rise to 25% or higher) Late payment fees, cash advance fees & other fees are very high Lesson: When a financial offer sounds “too good to be true” => Look for what YOU are missing!

================================= Credit Card Loan Balances Interest Rates often begin at 0.0% (called teaser rates) Interest Rate is Adjustable (can rise above 25%) ================================= Example: 24% Interest on $10,000 Credit Card Balance Monthly payment = interest payment + principal payment Interest only payment = $2,400/ year or $200/month Pay $200/month => You NEVER pay off the balance!

Spending money intelligently: 2 Types of Monthly Expenses Spending money intelligently: Essentials Non-essentials

Avoid Credit Card Pitfalls Credit Cards are NOT for borrowing money Pay your entire bill off each month Minimum payments do not cover interest payments => so debt balance ↑ Except for real emergencies => Don't charge anything you cannot pay for Ask: “Would I take a loan to buy that?” Teaser 0.0% interest rates quickly jump to over 20.0% Borrowing money to buy a house is different than for a car or vacation Houses can create wealth => cars are worth zero in long run

Find a Credit Card Go to my website =>

Saved Money? https://vimeo.com/41152287 https://www.nbc.com/saturday-night-live/video/dont-buy-stuff/n12020 https://vimeo.com/41152287