Unit 6 Project

Savages

How can people manage credit and debt responsibly to achieve financial goals?

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High School Students

Stage 1 :
* To get a job as a high school student, you must maintain solid grades and have good attendance, as most jobs will check to see what kind of student you are before hiring.
- Debit cards run out but credit cards don't because they use they banks money instead of your own or your parents.
- Having a bank account is a secure way to hold your money and becomes more and more important as you grow up.
* Debt should be paid back as soon as possible
- If you're looking to get a loan,avoid loan sharks at all costs (get a bank loan)
- Keep track of your debt and manage it while it can still be managed.
* Start building a credit score by making smart choices. While shopping, buy only the absolute necessary things with your credit card. And pay all your fees on time and higher than the minimum that you have to pay.
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College students and/or young full time workers

Stage 2 :
* When paying bills, make sure you pay them on time or you will get late fees and additional charges.
- When using credit and debit, it is important to remember that credit uses and the banks money and that debit uses money from your own account.
* Loans can be difficult to pay back especially if interest rates are involved. Make sure you pay back loans as soon as possible and avoid loan sharks.
* You can open multiple bank accounts. You can use one for savings that can be dipped into another for money from investments like stock.
* Build credit score by paying more then the minimum fee on your credit card bills. Protect your credit score by making smart purchases and only necessary ones
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22-50 year old adults

Stage 3 :
* Living expenses are important to keep track of
- If living expenses and utilities aren't taken care of you could have your lights shut off, your water shut off, your cable taken away; and you could even be evicted.
* No matter what situation you're in,never turn to loan sharks when dealing with debt or loans. As a final measure, you may declare bankruptcy to avoid foreclosure or eviction from any properties that you own.
* When managing a lot of money or starting a family, you'll want to make sure that you aren't relying on credit heavily and that you have all that you require instead of taking out loans.
* You can maintain a good credit score by making smart and only necessary purchases with a credit card and by paying all credit card bills/ fees on time.