Using Credit Wisely

Kimberly Romshe

Difference between credit and debit...

Credit is using money that you do not posses, but plan to in the near future. This money you must pay back with small or large payments over time


Debit is using money that you already posses, it comes straight out of your bank account.

Positive Credit History in 3 Ways...

  1. Pay back loans and credit history
  2. Don't be late on payments
  3. Don't put yourself in debt by buying too large of purchases

Manage Money Apps...

Credit Karma: Gives you a free credit statement so you can know what you are doing with your money


Dwolla: online banking company, makes transferring money to the bank quick and easy


Simple: Follows all your purchases, spending freedom, keeps you in check


Sigfig: Easy investing app with tools to help


Learnvest: Personalized financing. Works with real people and any individual account

Using credit...

ADVANTAGES: Money available in emergencies, allows you to make life changing payments (home mortgage), and helps when money isn't always available.


DISADVANTAGES: Can put you in debt, increases impulse buying, and might get you in trouble with your money if not smart

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APR...

is the Annual Percentage Rate.

You have to pay this with most credit card statements

It is important to look at this when applying to credit cards because it can add up your money and give you higher monthly payments.

APR with every purchase...

http://www.practicalmoneyskills.com/calculators/calculate/costOfCredit.php?calcCategory=debt


If you make a purchase of $150 and plan to make monthly payments for the next year. Your APR would come to $12.50.

Free Credit Report...

Credit Karma- You can get a free credit report here and anyone is eligable with a credit history

It is important to check for mistakes so you make sure you are making correct payments and have high credit score

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Make sure you check for errors so that your score is correct and all of your money is important!

Counseling Agency in Ohio...

Consumer Credit Counseling Services

Phone: (614) 522-2222

If someone is experiencing financial difficulties this company will talk with individuals and find solutions so that the individual is headed towards a surplus living lifestyle and not in debt.