USING CREDIT WISELY
Three ways you can develop a positive credit history
- Only borrow what you can afford
- Make all your payments on time
- Pay your credit card balance in full
What is the difference between a credit card and a debit card?
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Three advantages and three disadvantages of using credit.
Convenience--Credit cards can save you time and trouble--no searching for an ATM or keeping cash on-hand.
Record keeping--Credit card statements can help you track your expenses. Some cards even provide year-end summaries that really help out at tax time.
Low-cost loans--You can use revolving credit to save today (e.g., at a one-day sale), when available cash is a week away.
Overuse--Revolving credit makes it easy to spend beyond your means.
Paperwork--You'll need to save your receipts and check them against your statement each month. This is a good way to ensure that you haven't been overcharged.
High-cost fees--Your purchase will suddenly become much more expensive if you carry a balance or miss a payment.
What is APR and why is it important to know when applying for a credit card?
Example: See picture for Wii U $369.99for 18% with paying $50 a month.
When and where can you order a free credit report? Why is it important?
- Get a free copy of your credit report every 12 months from each credit reporting company.
- It's important because Ensure that the information on all of your credit reports is correct and up to date. Also, your credit report is a detailed look at your credit habits, the types of debt you have outstanding, and is the basis for your credit score. Simply put, it's a picture of your credit.
What should a borrower do if they are experiencing financial difficulties?
A non-profit credit counselor, such as those certified by the National Foundation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA), might also be able to help.