What is Credit?
The ability to purchase goods or services without paying for them immediately, with the promise to pay later.
What is credit?
A large purchase commonly made with credit
What is property or a vehicle?
A numerical value that reflects your creditworthiness.
What is a credit score?
A major benefit of using credit.
What is the ability to make large purchases without immediate payment?
What is the simplest definition of debt?
What is money that is borrowed and must be repaid?
When you use credit, does it mean you've stolen the goods?
What is no?
A common type of purchase people make using credit cards.
What are everyday expenses or regular purchases?
A factor like your age that can influence how much credit you receive.
What is a younger age leading to less credit history?
A potential danger of credit if not managed properly.
What is accumulating too much debt?
What is the difference between secured and unsecured debt?
What is that secured debt is backed by collateral, while unsecured debt is not?
A factor a bank may consider before giving you credit.
What is a credit score?
A consequence of never using credit.
What is limited credit history?
Consequences of a low credit score.
What is difficulty in getting loans or higher interest rates?
Why might using credit be important for building financial credibility?
What is building a credit history for future borrowing?
What is one common type of debt that people take on to finance education?
What are student loans?
Can you keep buying goods and services on credit forever without repaying?
What is no?
What is one reason businesses might choose to use credit instead of paying with cash upfront?
What is preserving cash flow or financing large purchases over time?
Name one way to improve your credit score.
What is making timely payments?
How can using credit help you in an emergency situation?
What is providing access to funds when immediate cash isn’t available?
What is the term for reducing your debt by negotiating with creditors to pay less than the full amount owed?
What is debt settlement?
A bank might require this financial information before extending credit.
What are bank statements, salary slips, or proof of income?
A type of credit commonly used to purchase homes.
What is a mortgage?
How does having pre-existing debt impact your credit score?
What is lowering your creditworthiness, making it harder to receive more credit?
How can using credit make budgeting more difficult?
What is the temptation to overspend beyond your means, leading to financial strain?
What is one reason people might consolidate their debt into a single loan?
What is to simplify payments and potentially get a lower interest rate?