CREDIT CARDS
How much of your credit card SHOULD you pay off?
Bare minimum or Full amount
Full amount
What is debt?
The state of owing money.
how do you get a good credit score?
name one pro of having good credit
Low interest rates, gets approved for loans, etc
cons of having bad credit?
high interest rates, low approval rates, etc.
How old do you have to be to own a credit card?
18
How do people fall into debt?
Relying too much on credit, taking out loans, not paying back, letting interest accumulate, not having a budget.
is a 800 credit score good?
yes, very good.
name one pro of having a credit card
not using your own money, builds your credit, option for when you dont have money, more secure.
cons of having a credit card?
debt potential, fees, interest, overspending, etc.
Why do people get credit cards?
Builds their credit score, safer than spending their own money, gives you an option when you don't have any other money to spend,etc.
How can you avoid debt?
Set a budget, pay back your credit on time, pay back loans, dont overspend, etc.
why should you want a good credit score?
To get approved for car loans, morgages, credit cards, financial loans, etc. without paying outragous interest rates.
name one pro of not having bad debt
Don't have to carry the burden of using your own money to constantly pay the bank back
name one con of having bad debt
high intrest rate
Where does credit card money come from?
The bank/Card provider.
can debt be good?
Yes. Good debt is money you borrow for something that has the potential to increase in value and expand your income. For an example, a mortage may help you buy a home that can appreciate in value.
How Often Is My Credit Score Updated?
once a month
name one pro of credit at a car dealership
Get approved for nice cars, low APR, better deals, discounts, etc.
cons for having bad credit at a car delearship
high intrest rate low approval rating and not a lot of options
What is the average APR rate for a credit card?
21%
What is the average debt of an American?
Around $104,000. This can include mortgage loans, auto loans, student loan debt, credit card debt, personal loans, etc.
what is the average credit score in america?
717
name one pro of having good credit for a mortgage?
Lower interest rates, get approved for high loan mortgages, etc.
cons for having bad credit for morgage
you pay for your loan