Credit Card Information Flyer
By: Sarah Anderson
Everything You Need To Know About Credit Cards!
Credit card companies tend to prey on young people because young people tend to be reckless and careless about money. The methods that credit card companies do is that they offer online and mobile banking.
2. What is the average debt of a college student (18+)? How do they rack up debt?
Seven out of ten graduates seniors of college have an average debt of $28,950 in 2014. It racks up debt by student loans and effects the credit scores of the college student.
3. What should teens look for when choosing a credit card?
1. Spending habits
2. Interest rates
3. Credit limit
4. Fees and penalties
5. Balance computation method
4. How do credit cards work?
Credit cards work by offering you a line of credit that can be used to make purchases. However, you must make a minimum payment to pay off the loan every month.
5. What is the dangers of a credit card? What are the advantages of a credit card?
1. Immediate access
3. Record keeping
5. Bill consolidation
1. Interest fees
2. If payed late, late fees.
6. What is a credit score? How is a credit score determined?
A credit score is a three digit number calculated from data rich credit report is one factor used by lenders to determine your creditworthiness for a mortgage, loan, or credit card. Your score can affect whether or not you are approved as well as what your interest rate will be charged.
7. What are the important terminology associated with credit cards?
3. Annual percentage rate (APR)
5.Average daily balance
6.Payment due date