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

Published byBlaise Hicks Modified over 9 years ago

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

1 Got Credit?: Credit Card Basics Love Your Money Jayne McBurney, MS Family & Consumer Sciences Agent http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 919-989-5380

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

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

4 ... The ugly. Average Credit Card Debt: 2008 $8,000 2010$16,000

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

6 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

7 Time or Money?

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

9 What is my Credit Score? Score range: 300-850 www.annualcreditreport.com

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

11 Fun & Helpful websites www.bankrate.com www.mint.com www.myfico.com

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