1. Credit Cards
Be Afraid!

2. Reasons to get a Credit Card

3. Credit Card Tricks Credit Cards have many high & hidden fees
0.0% interest rates do not last! (rise to 25% or higher)
Late payment fees, cash advance fees & other fees are very high
Lesson: When a financial offer sounds “too good to be true” =>
Look for what YOU are missing!

4. =================================
Credit Card Loan Balances
Interest Rates often begin at 0.0% (called teaser rates)
Interest Rate is Adjustable (can rise above 25%)
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Example: 24% Interest on $10,000 Credit Card Balance
Monthly payment = interest payment + principal payment
Interest only payment = $2,400/ year or $200/month
Pay $200/month => You NEVER pay off the balance!

5. Spending money intelligently:
2 Types of Monthly Expenses
Spending money intelligently:
Essentials
Non-essentials

6. Avoid Credit Card Pitfalls
Credit Cards are NOT for borrowing money
Pay your entire bill off each month
Minimum payments do not cover interest payments => so debt balance ↑
Except for real emergencies => Don't charge anything you cannot pay for
Ask: “Would I take a loan to buy that?”
Teaser 0.0% interest rates quickly jump to over 20.0%
Borrowing money to buy a house is different than for a car or vacation
Houses can create wealth => cars are worth zero in long run

7. Find a Credit Card
Go to my website =>

8. Saved Money? https://vimeo.com/41152287