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Wheel Deals & Credit Card Spiels Presented by the Department of Financial Services.

Published byLenard Melton Modified over 8 years ago

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Presentation on theme: "Wheel Deals & Credit Card Spiels Presented by the Department of Financial Services."— Presentation transcript:

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2 Wheel Deals & Credit Card Spiels Presented by the Department of Financial Services

3 …Think before you Sign Credit Cards and Loans Your Signature could last a life time.Your Signature could last a life time. What you do now will shape your future financial statusWhat you do now will shape your future financial status

4 Most Common Purchases on Credit ClothingClothing AutomobilesAutomobiles ElectronicsElectronics Furniture/AppliancesFurniture/Appliances Homes, ApartmentsHomes, Apartments EducationEducation Fun (vacations, trips, stuff)Fun (vacations, trips, stuff)

5 Credit Sources BanksBanks Credit UnionsCredit Unions Finance CompaniesFinance Companies Credit card companiesCredit card companies Pawn Shops, Title Loans, Payday Loans, Check Holders, Loan Sharks, etc.Pawn Shops, Title Loans, Payday Loans, Check Holders, Loan Sharks, etc.

6 Interest Rates An additional charge to you for the use of their money for an specified length of time.An additional charge to you for the use of their money for an specified length of time. Usually expressed as the APR – annual percentage rate-Usually expressed as the APR – annual percentage rate-

7 Buying a Car Needs VS WantsNeeds VS Wants New or UsedNew or Used Method of payment, cash or finance.Method of payment, cash or finance. Reputable, licensed dealership.Reputable, licensed dealership. Accurate/fair pricing.Accurate/fair pricing. Warranty or “as is”.Warranty or “as is”. Interest rates, Insurance costs, maintenance/gasoline costs.Interest rates, Insurance costs, maintenance/gasoline costs. Can you pay for it ??? – Live with it?Can you pay for it ??? – Live with it?

8 Getting the best deal…. Check pricesCheck prices Check maintenance/repair reportsCheck maintenance/repair reports Down paymentDown payment Mechanical checkMechanical check Do not fall in love (or at least, don’t show it)Do not fall in love (or at least, don’t show it)

9 … best deal … best deal Do not buy on impulseDo not buy on impulse Do not sign any papers with blank spaces, not fully completedDo not sign any papers with blank spaces, not fully completed Get them to explain the payment scheduleGet them to explain the payment schedule Ask for the opinion of someone you trustAsk for the opinion of someone you trust Be ready to “walk away”Be ready to “walk away”

10 … best deal Get all warranties in writingGet all warranties in writing Do not drive away just yet…(on- the-spot financing)Do not drive away just yet…(on- the-spot financing) Tag and registrationTag and registration Other hidden costsOther hidden costs …and you thought it was easy

11 Credit Cards Find out about the interest, not only how much but how is it charged.Find out about the interest, not only how much but how is it charged. Is there an annual membership fee ?Is there an annual membership fee ? Don’t use for unplanned purchases unless they are emergencies.Don’t use for unplanned purchases unless they are emergencies.

12 … Credit Cards Don’t lend it to a friend.Don’t lend it to a friend. Pay off the balance as soon as possible.Pay off the balance as soon as possible. Don’t have more than one.Don’t have more than one. Check/verify all charges when the statement comes in.Check/verify all charges when the statement comes in. Immediately notify the company of any inaccurate information.Immediately notify the company of any inaccurate information.

13 Other safeguards/tips… Do not give any of your personal information to anyone you do not know.Do not give any of your personal information to anyone you do not know. Destroy all unsolicited correspondence, especially “pre- approved” credit offers.Destroy all unsolicited correspondence, especially “pre- approved” credit offers. Shred all receipts and statements before discarding.Shred all receipts and statements before discarding. If your card is lost or stolen…. If your card is lost or stolen….

14 …. Tips. Do I need “charge protection” insurance?Do I need “charge protection” insurance? How about transferring my balance to a lower interest card?How about transferring my balance to a lower interest card? They are not “all created equal”.They are not “all created equal”. Do your homework. Know your rights as a consumer. Know who to call.Do your homework. Know your rights as a consumer. Know who to call.

15 Important Numbers Consumer HotlineConsumer Hotline1-800-848-3792

16 Questions ? ? ? Questions ? ? ? Thank You for your attendance, we hope this presentation was useful and that it may help in handling and protecting your finances. State of Florida Department of Financial Services

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