Credit Power Point Notes
By: Yvette J. Diaz Pd.1
Credit
The ability to borrow money in return for a promise of future payment.
The 3 C's of Credit
Character, Capacity, & Capital. Character is financial responsibility and trustworthiness. Capacity is the financial ability to repay a loan. Capital is the value of something you own.
Credit Cards
Getting a credit card makes everything easier, but you have to make sure you know how to keep yourself from overspending the money you don't have and go into debt. You can fill out a form for a credit card when your 18 or whenever your ready.
Credit Card Costs
On a credit card, your Interest (APR) can be between 0%-29%. Your annual fee can range between $15-$100. A credit limit is the max amount you can spend using your card. There are over-the-limit fees when you going over your credit limit.