CREDIT. CREDIT-BUYING GOODS OR SERVICES NOW IN EXCHANGE FOR PAYMENT LATER CREDITORS-PEOPLE WHO PROVIDE CREDIT DEBTORS-PEOPLE WHO BUY ON CREDIT DEBTORS.

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Presentation transcript:

CREDIT

CREDIT-BUYING GOODS OR SERVICES NOW IN EXCHANGE FOR PAYMENT LATER CREDITORS-PEOPLE WHO PROVIDE CREDIT DEBTORS-PEOPLE WHO BUY ON CREDIT DEBTORS USUALLY PAY OVER WHAT THEY CHARGE FOR THE PRIVILEGE OF USING CREDIT ADDITIONAL MONEY OWED CALLED A FINANCE CHARGE – BASED ON INTEREST AND OTHER FEES

TWO TYPES OF CREDIT UNSECURED CREDIT-CREDIT EXTENDED IN ECXCHANGE FOR A PROMIES TO REPAY IN THE FUTURE. CLIENT NOT REQUIRED TO PUT UP PROPERTY OF VALUE (COLLATERAL) SECURED CREDIT-REQUIRES COLLATERAL A LOANER WHO DOES NOT MAKE THE REQUIRED PAYMENTS IS SAID TO DEFAULT WHEN A PERSON DEFAULTS, BANKS CAN TAKE THE PROPERTY PUT UP AS COLLATERAL TO SELL AND REPAY THE LOAN

APR-ANNUAL PERCENTAGE RATE-PERCENTAGE COST OF CREDIT ON A YEARLY BASIS FOR PROTECTION, ANYONE WITH A CREDIT CARD SHOULD KEEP THE FOLLOWING INFORMATION ON FILE: – (1) NAME OF COMPANY ISSUING CARD – (2) ACCOUNT NUMBER ON CARD – (3) NUMBER TO CALL IF CARD IS LOST OR STOLEN EFT CARDS-ELECTRONIC FUNDS TRANSFER CARDS-DEBIT CARDS – CASH CARD WHERE YOU CANNOT OVERDRAW FUNDS. – SPENDS ONLY THE AMOUNT OF MONEY IN THE CARD ACCOUNT

IMPORTANT TO CHECK BILLS FOR BILLING ERRORS EACH MONTH HAVE A PIN NUMBER LINKED TO ALL CASH CARDS AND NEVER GIVE IT TO ANYONE FAIR CREDIT BILLING ACT- IF YOU COMPLAIN IN WRITING ABOUT YOUR BILL WITHIN 60 DAYS, LAW REQUIRES CREDITORS TO ACKNOWLEDGE AND RESPOND WITHIN 90 DAYS

CREDIT PROPERTY INSURANCE-INSURES THE PURCHASED ITEM AGAINST THEFT OR DAMAGE CREDIT LILFE/DISABILITY INSURANCE- GUARANTEES PAYMENT OF THE BALANCE DUE IF THE BUYER SHOULD DIE OR BECOME DISABLED DURING THE TERM OF THE CONTRACT SERVICE CHARGE-COVERS THE SELLER’S COST OF BOOKKEEPING, BILLING, AND SO ON PENALTY CHARGE-COVERS THE SELLER’S INCONVIENCE IN CASE OF LATE PAYMENT S. MAY INCLUDE COURT COSTS, REPOSSESSION EXPENSES, AND ATTORNEY’S FEES. SOMETIMES THESE CHARGES ARE OPTIONAL