 Pa y new fees  Pay higher rates  Cancel credit cards.

Slides:



Advertisements
Similar presentations
1 Credit Card Basics What you need to know before signing up…
Advertisements

Your Money and and Your Math Chapter Credit Cards and Consumer Credit
The Importance of Credit Brought to you by Work.
Applying for Credit Chapter 26.1.
Credit.
Costs of Using Credit And Types of Credit Credit.
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.
SECTION 2: WHAT IS CREDIT Unit 6: Credit. I Can: Differentiate Credit Cards from Debit Cards Describe the importance of APR Define and apply: credit limit,
 Outstanding money owed by consumers  Examples  Credit Card Debt  Student Loans  Mortgages.
1. What is Credit and What is Debt? 2. Using Credit: The Rewards & Risks 3. Four Types of Debt 4. The Cost of Using Credit 5. Running the Numbers.
Borrowing Basics 1. 2 Introduction Instructor and student introductions Module overview.
Credit Card Traps and PowerPay Debt Reduction Program.
Understanding Your Credit Card.  More than eight percent of American households owe more than $9,000 on their credit cards.  The average college student.
Borrowing Basics 1. 2 Purpose Borrowing Basics: Describes how credit works and the types of credit available. Helps you determine if you are ready to.
Money 101 | finance-lectures.com1 Debt and credit cards Daniel Folkinshteyn, PhD
Payday Loans & Credit Cards CENTS. What is a Payday loan?  A Payday loan is a small loan, also known as a “cash advance.” These loans typically become.
Credit Cards An Introduction “Hi! Nice to meet you!”
Annual feeNone Finance chargeMinimum of $0.5 Minimum payment Greater than $25 or 1% of your balance plus interest Balance transferNo, with 14-21% APR.
Credit Card © Family Economics & Financial Education – Updated May 2011 – Credit Unit – Understanding a Credit Card – Slide 1 Funded by a grant from Take.
 The majority of Canadian have at least one, and possibly multiple credit cards.
By: Sam Hafner and Benjamin Finzel. Discover-it card “See all it can do.”
BLU # 19: Charge it! What’s the difference between debit and credit?
Aim: Money Matters – Credit Cards Course: Math Literacy Aim: How does money matter? Installment buying – Credit cards! Do Now: A Blazer with a price of.
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.
The Effects of Financial Literacy on Credit Card Behaviors Sam Allgood University of Nebraska-Lincoln William Walstad University of Nebraska-Lincoln.
CREDIT: Day 2. Types of Credit Credit Cards Loans.
Interest on Loans Section 6.8. Objectives Calculate simple interest Calculate compound interest Solve applications related to credit card payments.
 dvice/glossary.htm dvice/glossary.htm.
Credit Credit is a sum of money a person can use for a period of time before having to reimburse the lender.
DO NOW: What attitudes do people have about the use of credit?   Always pay cash, Credit.
Credit Cards Plastic Money!. Credit Cards 90% of credit card purchases are impulse purchases! Only 54% of card owners pay off their balances each month!
Annual Percentage Rate (APR) The amount it costs you a year to use credit, expressed as percentage rate Interest, transaction fees, and service charges.
Credit Cards and Credit Reports Personal Finance Mrs. Brewer.
Charge It Right. 2 You Will Know  The characteristics of a credit card  The costs of using a credit card  The potential problems with credit card use.
Ryan Hozeska Kyle Taylor Joe Hart. What’s in Your Wallet?
CREDIT CARDS THE POWER OF PLASTIC 2 What are credit cards? Loans--NOT Money! Charge now -- Pay later Becomes a monthly payment obligation What you owe.
Chapter 7 Buying Decisions. Slide 2 How Is Interest Computed on Credit? Finance charges are interest and fees you pay on the credit card balance. A fixed.
Annual feeNone Finance chargeMinimum of $0.5 Minimum payment$10 Balance transferNo (fee = $5 – 3%) APR 0% for 18 months then 13-22% on purchases -- depending.
CREDIT AND BUDGETS. MONEY Each person makes unique decisions about money Most people have a mixture of different attitudes, values and beliefs about money.
HOW TO GET AND KEEP CREDIT. PICKING A CREDIT CARD You will have to fill out an application. It will ask about where you live, where you work, what other.
Unit 1 – Personal Finance Credit & Worker Earning How can the use of credit benefit & hurt consumers?
UNIT FIVE. CREDIT: BUY NOW, PAY LATER. Coming soon to a mailbox near you: Credit Card offers.
Credit/Financial Literacy Unit Study Guide. Credit Vocabulary list Credit Installment Credit Revolving Credit Affinity Credit Cards Annual Fee Co-Branded.
CREDIT CARDS. Credit Cards When used and managed properly, credit cards offer:  convenience  a sense of security  the ability to build a good credit.
Do Now: I just graduated from college and have four credit cards with balances totaling $5,000. I can barely make the minimum payments each month. What.
Financial Literacy Buying a Car.... Finance Options: Savings – Put a regular amount into a Bank Account each month. Expect to receive around 2.75% interest.
1. Debt, Interest & Payments © moneyskool.org. People borrow money for all kinds of different reasons – to buy a house, go to university, start a business.
Credit Credit: borrowing money to pay for something now while promising to repay it later. Lender: the person loaning the money Borrower: receives the.
Bell Ringer Do you think having a credit card is a good or a bad thing? Why or why not?
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.
All About Credit. Using Credit Credit allows people to purchase goods and services that they can use today and pay for those goods and services in the.
Hidden Cost of Credit How creditors win and you lose.
A plan for managing money during a given period of time Financial Roadmap.
CHAPTER 12 SAVING AND BORROWING. A. WHY SAVE? 1. Save money for a big purchase 2. Save money for emergencies 3. Save money to give you security 4. Save.
Ms. Young Slide 4-1 Unit 4C Loan Payments, Credit Cards, and Mortgages.
Personal Finance CREDIT BY MR. BROWN. Topics  What is credit, and why it is valuable?  Building and Growing Credit  Credit Card Specifics  Charge.
Using Credit Wisely. Credit  Credit is a sum of money a person can use before having to reimburse the credit lender.  It allows a person to receive.
Credit Card Basics. What is a Credit Card? credit card A credit card, such as Visa or MasterCard, allow you to pay for products or services by borrowing.
Unit Four Good Debt, Bad Debt: Using Credit Wisely.
Credit Test Review. What card takes money directly from your checking or savings account?  Debit Card.
NO Credit If an individual has not used credit, they will not have any information in their credit report Not having a credit report can cause an individual.
 In your notebook: › Draw › List › Write › Everything you know about credit and credit cards. › When the time sounds, share your list with your partner.
Chapter 7 Buying Decisions. Slide 2 How Can You Be a Responsible Shopper? 7-1 Designing a Buying Plan Use systematic decision making: consider all the.
Understanding Debt Federally insured by NCUA Great Rates. Personal Service. chevronfcu.org 
Credit Cards Know what you’re getting into…. Pros  Convenient  Easy to Track  Consumer Protection  Special Services  Rewards (Points/Miles/Credits.
Borrowing Basics Showing you the Way.
Take a guess to win candy…
Credit Scores Interest on Debt and Interest on Savings
Presentation transcript:

 Pa y new fees  Pay higher rates  Cancel credit cards

 (APR) O%  O % UNTIL SEP 2010  VARIABLE RATE

 (APR) 11.99% to 18.99%  0% on six months  No specific rate

 (APR ) 0% for six months  Lower 11.99%  No mention rate

 Higher rates  Increase fees  Raising minimum payments  Reduce credit limit

 Reduce Credit limit  Interest rate 29.99%  Credit Card - canceled

 Save money to pay annual rate  Analysis interest rates  Advertising rates  Penalty fees  Late fee

 The household should have three or four credit cards.  Increase credit score  Keep available 50% credit line