Credit Union Difference
What is the philosophy of the credit union movement?
People helping people
What is a budget?
A spending plan
What is the difference between credit card and debit cards?
Credit card uses loan or borrowed funds
Debit card uses funds from your checking account
Which institutions gives a lower interest rate for a personal loan- banks or credit unions?
Credit unions
The greatest room in this world!
What is room for improvement!
Name one difference between banks and credit unions
Credit unions are non-for-profit
CU are member owned
CU have lower fees
What do most students spend money on?
Clothing
Food
Entertainment
Which card is subject to interest charges if not paid in full?
Credit card.
How can you avoid making late payments on a loans?
Budgeting
Set automatic payments
Increase you income
What gets wetter the more it dries?
Towel
How can one join INOVA Federal?
- where one live, work or worship
-a family member
-SEG group
Through Tru Direction or Elkhart River Restoration Association
What are some budgeting tips?
Set financial goals
Differentiate between needs and wants
Have emergency funds saved
Track your spending
Automate savings
What are some factors that determine if you are approved for a credit card?
Credit score
Employment or income
Debt-to-income ratio
What happens if you are late paying the loan?
Late fee
Lowers your credit score
The more you take the more you leave behind
Steps
Reasons you should choose a credit union
Better interest rate
Member-owned
Lower fees
Community focused
Great member service
Explain how your can achieve financial freedom by sticking to a budget.
Shows you where your money is going
Ensures debts are being paid on time
Helps you save
What is cash advance?
Withdrawing cash against your credit card.
What determines personal loan approval?
Proof of income
Credit score
Debt-to-income ratio
Employment history
Monday, Jessica and Mary went to the cafe for some coffee. The total of $6 was divided equally among the friends. Jessica paid $2 and Mary paid $2 as well. Who paid the last $2?
Monday
Who insures saving deposit in a credit union? and for how much?
All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
What are the 2 goals of budgeting?
Lower your expenses
Increase you income
Name 2 credit card mistakes one can make?
Getting too many cards-debts
Late payments
Lack of budgeting
Making only minimum payments
What are the 3 components of a personal loan?
Principal- loan amount
Interest rate
Term- how long is the loan
Where do hippopotamuses keep their money?
In the riverbank