Complete the True-False Quiz!. To obtain goods or services before payment, based on the trust that payment will be made in the future.

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Presentation transcript:

Complete the True-False Quiz!

To obtain goods or services before payment, based on the trust that payment will be made in the future.

Benefits and Detriments of Credit Build credit Big items; house, car, college Convenient & safe Emergencies Easy to live beyond your means Easy to get into credit trouble Hard to get loans for big items or emergencies with bad credit

Credit 101 Installment : loans for a specific amount of money and are paid back monthly over a defined time period, or term. Car loans and mortgages are generally installment loans.

Revolving: loans for an unlimited amount of time with different interest rates

The 3 C’s of Credit: 1. Capacity – do you have income to pay? 2. Capital – do you have savings or other investments ? 3.Character – how have you handled credit in the past? They determine your credit score which determines your interest rate.

Credit Score

Use Credit Wisely Pay on time Pay in full or more than minimum Evaluate purchases Avoid Fraud Over limit fees Convenience fees/interest Cash advance