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Published byReynold Mitchell Warren
Modified over 7 years ago
200 400 500 100 200 300 400 500 100 200 400 500 100 200 300 400 500 100 200 300 400 100 Building Credit RisksTrouble Types of Credit Fees Final Jeopardy 300 500 300
Charge imposed for not paying on time.
Late payment fee
Fee charged for using the credit card even when you pay off the balance in full every month.
Minimum finance charge
The process of moving an unpaid credit card debt from one issuer to another.
The interest-free time a lender allows between the transaction date and the billing date.
A loan that is paid in equal monthly installments with a fixed interest rate.
This “C” refers to the way you handle money and have repaid debt in the past.
This “C” refers to the value of your assets or what you own.
Establishing a steady work record and paying bills promptly both help with this. Daily Double!!!
Building Credit History
This “C” refers to your ability to pay the debt after considering other monthly expenses.
A document containing financial information about a person, focusing on his or her history of paying obligations, such as a mortgage, car payment, utilities, and credit cards.
The maximum amount you can charge on a credit account.
The low rate charged by a lender for an initial period to entice customers to switch credit cards.
Introductory or teaser interest rate
Have passed a preliminary credit- information screening to qualify for a credit card.
When will you lose your grace period on a credit card?
When you carry a balance
This short term loan can have interest rates as high as 300%.
60% of people don’t pay debt for this reason.
Loss of Income
The first step to take if you can’t pay your bills.
Take a look at your budget.
You combine your debts to make only one payment, usually lower than the total amount of your monthly debt payments.
A legal procedure that withholds a portion of your earnings for the payment of debt. It also sounds like a sprig of parsley on your plate.
A legal agreement between a lender and a debtor. Permits lender to collect part of debtor’s wages from an employer if debtor fails to make regular payments.
Items and services are paid for in a single payment, within a given time period, after the purchase. Interest is usually not charged.
Many items can be bought using this plan as long as the total amount does not go over the credit user’s assigned dollar limit.
Merchandise and services are paid for in two or more regularly scheduled payments of a set amount. Interest is included.
What credit companies would like you to continue to pay them.
Ideally what you can do to avoid paying interest on credit cards if you do make purchases with them.
Pay the entire balance on time.
If interest rates are low and a person borrows the maximum they can tolerate, what is the biggest risk to them?
Interest Rate Increase
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CALM. Able to buy needed items now and pay later. Don’t have to carry cash Creates a record of purchases More convenient than writing cheques.
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