Credit & Debt. GOAL: Provide an awareness & understanding of what credit is.
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1 Credit & Debt GOAL: Provide an awareness & understanding of what credit is.
2 Credit Cards
3 What is credit? Definition: having a item or using a service now then paying for that item or service later Using a credit card to purchase a PS4 is an example of credit. You have the PS4 and promise to pay for it in the future.
4 Advantages of Credit Advantages: Able to buy needed items now Don t have to carry cash Creates a record of purchases More convenient than writing checks Consolidates bills into one payment
5 Disadvantages of Credit Interest (higher cost of items) May require additional fees Financial difficulties may arise if one loses track of how much has been spent each month Increased impulse buying may occur
6 Your Responsibilities Borrow only what you can repay. Read and understand the credit contract. Pay debts promptly. Notify creditor if you cannot meet payments. Report lost or stolen credit cards promptly. Never give your card number over the phone unless you initiated the call or are certain of the caller s identity.
7 Types of credit single-payment credit Items and services are paid for in a single payment, within a given time period, after the purchase. Interest is usually not charged. Utility companies, medical services
8 Types of Credit installment credit Merchandise and services are paid for in two or more regularly scheduled payments of a set amount. Interest is included. Loans for cars, houses
9 Types of credit revolving credit 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. Repayment is made at regular time intervals for any amount at or above the minimum required amount. Interest is charged on the remaining balance. Retail stores Financial institutions that issue credit cards (VISA, Discover, MasterCard)
10 Building Credit History Establish a steady work record. Pay all bills promptly. Open a checking account and don t bounce checks. Open a savings account and make regular deposits. Apply for a local store credit card and make regular monthly payments. Apply for a small loan using your savings account as collateral. Get a co-signer on a loan and pay back the loan as agreed.
11 How much debt can you afford? The rule (avoid debt if possible) never borrow more than 20% of your yearly net income If you earn $400 a month after taxes, then your net income in one year is: 12 x $400 = $4,800 Calculate 20% of your annual net income to find your safe debt load. $4,800 x 20% = $960 So, you should never have more than $960 of debt outstanding.
12 How much debt can you afford? The rule (avoid debt if possible) monthly payments shouldn t exceed 10% of your monthly net income If your take-home pay is $400 a month: $400 x 10% = $40 Your total monthly debt payments shouldn t total more than $40 per month.
13 Types of Credit Cards Store card Bank card 25% interest 13% - 20 % interest
14 How much can they safely carry? David has a monthly net income of $1,360. His fixed monthly expenses consist of a rent payment of $450. He is paying off a student loan of $116 per month. David would like to buy a new television set using a credit card. What is the largest monthly payment David can afford for the television set so that his credit card payments and student loan keep him within a safe debt load of 20%?
15 How much can they safely carry? Marsha and Michael have a combined monthly net income of $3,500. Their fixed monthly expenses consist of $675 for rent. They also have an outstanding student loan balance of $6,000 and a balance of $1,000 for the stereo they bought last month. How much more debt can they take on and still be within a safe debt load?
16 How much can they safely carry? Juanita has a monthly net income of $2,500. Her fixed monthly expenses consist of $500 for rent. She also pays a car insurance premium of $68 and a car payment of $167. Are these payments within Juanita s safe debt load?
17 Case Application Ana Gonzalez is considering a loan to finance her college education. She currently owes money on several charge accounts and credit cards. What actions would you recommend?
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