Credit: The Good, The Bad, and The Ugly
Explore the world of credit with insights on the good, bad, and ugly aspects. Learn about different types of credit, managing debt, credit cards, credit scores, and valuable financial tips.
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Presentation Transcript
Jayne McBurney, MS Family & Consumer Sciences Agent http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 919-989-5380
Credit...the good Credit is a promise to repay the amount you borrow plus interest Types: Loans, credit cards, installment
... The bad... Credit costs money You are spending your future income Impulse buying and over spending Risk of too much credit
... The ugly. Average Credit Card Debt: 2008 2010 $8,000 $16,000
Pick a card, any card......... Annual fee APR Balance Transfer Fee Introductory rate Billing cycle Minimum interest charge Late fees
Credit vs Debit Card Credit cards offer additional protections against fraud when used for Internet purchases Use debit card for small purchases and credit cards for large merchandise
Applying for credit Secured credit Co-signers Is it all bad?
What is my Credit Score? Score range: 300-850 www.annualcreditreport.com Amount owed Length of Credit History Payment history New Credit Types of Credit in Use
Beware: Credit Limits Credit utilization Always be ON TIME Know how much it will cost you in the end
Fun & Helpful websites www.bankrate.com www.mint.com www.myfico.com
