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Mastering Credit Management for Financial Success

Learn the essential strategies for effectively managing credit to secure your financial future. Explore the ins and outs of credit cards, building credit, and improving credit scores. Take charge of your finances today!

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Mastering Credit Management for Financial Success

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  1. Costly Credit Cards - http://www.youtube.com/watch?v=Y8B5XsTm35c&feature=relatedCredit on Campus - http://www.youtube.com/watch?v=5RgNBIWR8Uo&feature=relmfuBuild Credit at a Young Age - http://www.youtube.com/watch?v=gkpqzyZMg4o&feature=relatedSmart Uses for Credit Cards - http://www.youtube.com/watch?v=qEyMThLZNkg&feature=relmfuImproving Your Credit History - http://www.youtube.com/watch?v=x7d_HHPkm7k&feature=relmfuCutting Credit Card Rates - http://www.youtube.com/watch?v=8qinGBwSbcQ&feature=relmfuATM Rip-Offs - http://www.youtube.com/watch?v=e-c35P4QW9s&feature=related

  2. Credit and Credit Cards

    CreditCards– 2012 – 178.6 million customers held 1 or more credit cards Total number of credit cards in use – 1.5 billion Average number of credit cards per person – 3.5 National credit card debt was 793.1 billion (2012) The average debt per household was $15,799(2012) 2012 – 1,219,132 individuals filed for bankruptcy Guinness Book of World Records – 1 person with 1,497 Credit Cards (2005)

  3. Credit and Credit Cards

    Use of Credit Cards – Advantages Buy and enjoy expensive items while still paying for them Convenience Traveling Mail or Internet Financial Emergencies Student loans Purchase of vehicles and homes

  4. Credit and Credit Cards

    Disadvantages – Increase in cost due to interest and fees Overspending False sense of security Risk – Poor Credit Rating Future earnings are “earmarked” Frenzies Poor purchases – goods not needed Predatory Lending Living beyond ones means or income

  5. Credit and Credit Cards

    Advertising or Promotions – Hidden messages False advertising Loans – Are they Equal? APR Credit Limit Finance Charge Minimum payment and over limit fees

  6. Credit and Credit Cards

    Credit Worthiness – 3C’s Collateral Character Capacity

  7. Credit and Credit Cards

    Important Terms – Annual Percentage Rate (APR) Credit Score & Credit Rating Due Date Finance Charge Grace Period Minimum Payment Cost/Benefit Analysis

  8. Credit Reports – Credit Rating

    Credit Reporting Agencies (CRA’s) – Important role in determining who receives credit and how much is obtained Gather and sell personal credit information Payment tendencies Amount of debt Available credit Loans, tax liens, judgments, bankruptcy Employment status and salary history Residencies and aliases

  9. Credit Reports – Credit Rating

    Credit Reporting Agencies (CRA’s) – Equifax Experian TransUnion

  10. Credit Reports – Credit Rating

    Credit Reports Matter – Information can affect one’s present and future financial life Poor credit ratings prevent people from obtaining good credit rates or any credit at all Ways to Establish Credit – Open a savings or checking account Bank Loan Credit Card

  11. Credit Reports – Credit Rating

    Ways to Establish Credit – Small credit purchase Cell phone or Internet in your name Membership to a Credit Union Questions to Consider – What is a credit report and what kind of information does it contain? Who maintains, updates, and uses this information? Why is a good credit report important?
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