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BE CREDIT WISE PRESENTED BY GREENPATH

Published byJeffery Booth Modified over 5 years ago

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Presentation on theme: "BE CREDIT WISE PRESENTED BY GREENPATH"— Presentation transcript:

1 BE CREDIT WISE PRESENTED BY GREENPATH
This presentation will cover the basics of credit: what it is, how it can help and hurt your financial situation. How to responsibility handle credit and fix problems associated with credit.

2 WHAT DOES CREDIT MEAN? What do you think? HAVE IT NOW, PAY IT LATER
Credit is a way of having something now and paying for it later. Credit is neither a positive nor a negative thing; it can be wisely or poorly. What do you think?

3 ADVANTAGES OF CREDIT Pay for large items over time
Replaces need to carry cash Helps build credit Helps with emergencies or sales

4 DISADVANTAGES OF CREDIT
Commits future earnings False sense of financial security May include finance charges Encourages over-spending

5 Ask yourself these two questions:
BEFORE YOU APPLY Ask yourself these two questions: 1. How much credit can I afford? 2. Do I currently have a spending plan?

6 Ask yourself these two questions: ODDS OF A LAYOFF?
BEFORE YOU APPLY Ask yourself these two questions: ODDS OF A LAYOFF? 1. How much credit can I afford? HOW STABLE IS YOUR JOB? DO YOU HAVE EMERGENCY FUNDS? 2. Do I currently have a spending plan?

7 TYPES OF CREDIT Borrowing from a friend Credit cards Charge cards
Debit cards Secured cards Installment credit Mortgage loan Home equity loans

8 SHOPPING FOR CREDIT Installment Loans Credit Cards
Annual Percentage Rate (APR) Finance charge Loan maturity Credit Cards Grace period Late payment fees Other charges

9 THE THREE C’S OF CREDIT CAPACITY CAPITAL CHARACTER

10 STEPS TO ESTABLISHING CREDIT
OPEN A CHECKING OR SAVINGS ACCOUNT APPLY FOR A LOAN THAT HAS COLLATERAL OBTAIN A CO-SIGNER APPLY FOR A SECURED CREDIT CARD OPEN A CHARGE ACCOUNT AT A LOCAL DEPT. STORE

11 COST OF MAKING MINIMUM PAYMENTS What do you notice?

12 GET IN TOUCH CONTACT US f t We’d love to chat more!
GreenPath is a not for profit consumer credit counseling agency and Hud approved housing counseling agency headquartered in Farmington Hills MI. f facebook.com/greenpathdebt t twitter.com/greenpathdebt

13 THANK YOU

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