Got Credit?: Credit Card Basics Love Your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield.

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Presentation transcript:

Got Credit?: Credit Card Basics Love Your Money Jayne McBurney, MS Family & Consumer Sciences Agent NC Highway 210 Smithfield

Credit...the good Credit is a promise to repay the amount you borrow plus interest Types: Loans, credit cards, installment

... The bad... Credit costs money You are spending your future income Impulse buying and over spending Risk of too much credit

... The ugly. Average Credit Card Debt: 2008 $8, $16,000

Pick a card, any card Annual fee APR Balance Transfer Fee Introductory rate Billing cycle Minimum interest charge Late fees

Credit vs Debit Card Credit cards offer additional protections against fraud when used for Internet purchases Use debit card for small purchases and credit cards for large merchandise

Time or Money?

Applying for credit Secured credit Co-signers Is it all bad?

What is my Credit Score? Score range:

Beware: Credit Limits Credit utilization Always be ON TIME Know how much it will cost you in the end

Fun & Helpful websites