Credit Newsletter Project
What is credit?
- The ability to borrow money in return for a promise of future payment.
- Loans and credit cards.
What costs are associated with credit?
- You have to pay interest (APR or annual % rate.)
What determines if someone gets credit and how much they get?
- Your credit worthiness which is your ability to pay back a loan.
Credit Cards, What You need to know
A credit card is a card that a bank issues you based on your credit score and they give you a limit on the amount of money that you're allowed to spend. At the end of the month you have to pay whatever you spent usually in full or sometimes if you pay a certain amount they'll let you carry over the remaining balance to the next month but you still have to pay that balance and you have to pay interest. There's an annual fee that you have to pay at the end of the year maybe between $15-$100. There's an over the limit fee of you go over your credit limit. You can use credit cards at any store that accepts them. Some of the benefits