Section 1: The Basics of Credit
● What is credit?
Credit - is the ability to borrow money in return for a promise of future payment. To get credit, you must demonstrate your creditworthiness.
● What are the forms of credit?
Credit form is Credit Cards and Personal Loans
● What costs are associated with credit?
Credit is not free. You must pay interest. To have a credit is good because, credit allows consumers to purchase more goods. But sometime people overuse credit, so they must pay debit . Lenders judge.
● What determines if someone gets credit and how much they get?
Credit is your Credit information, Credit Score. Those are Credit report. If you want to know what is your credit you need go to Credit Bureaus.
Section 2: Vocabulary Watch
Credit Cards - is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.
Interest (APR) - It is thus the fee for the privilege of borrowing money. The fee represents the price a person pays for the ability to spend / consume in the present instead of having to wait for the future to do so.
Section 3: Credit Cards: What You Need to Know
● What is a credit card?
Credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them.
For same credits rad you need pay Annual Fees. Also Credit card has some Credit limit
● Where can you use credit cards?
Shopping, buy goods, online shopping.
● What are the benefits and costs of using credit cards?
Benefits of credit card is to buy goods now and pay them later, don't worried about cash.
Costs of credit card is if you paid later then they going to charge money for you, you can go over the limit fee and you also need paid Penalty Fees.