Credit
True or False: A credit score is used when applying for an apartment to rent?
True: Most apartment complexes will check your credit score to see if you have a good payment history before renting to you.
You should never apply for this type of loan because interest rates are so high.
What is a payday loan?
Payday loans have become the face of predatory lending and high-risk loans in America for one reason: The average interest rate on a payday loan is 391% and can be higher than 600%!
If you can’t repay the loans – and the Consumer Financial Protection Bureau says 80% of payday loans don’t get paid back in two weeks – then the interest rate soars and the amount you owe rises, making it almost impossible to pay it off.
You may think a payday loan is the only solution for handling an emergency bill, or even pay off another debt, but the truth is, a payday loan will end up costing you more than the problem you’re trying to solve. It’ll add up to more than any late fee or bounced check fee you’re trying to avoid.
Should be your first investment/bill after you get paid.
What is tithing?
Aside from payday loans, this type of loan is the most expensive way to borrow money.
What is a credit card, department store, or unsecured revolving credit loan?
The median average credit card interest rate for April 2024 is 24.37%.
The highest rates are currently at 29.99% with AMX, Capital one, and Barclays Bank.
You'd pay about $450 a month for this shared item at BYU.
What is rent?
Median rent in Utah is $1800.
This financial instrument will help your credit score when used wisely but will hurt your credit score if abused?
What is a credit card?
This revolving line should only be used for convenience and not as a way to barrow money.
What is a credit card?
Does the church want you to pay tithing on your gross or net income?
The way you define your income, and consequently your tithing, is a matter between you and the Lord. Prayerfully seek the Lord’s guidance on issues like taxes, gifts, scholarships, and other matters to determine what qualifies as a full tithe.
How much interest would you pay if you borrowed $1000 on a credit card and made only the minimum payment at the current average rate of 24%?
A. $58 dollars in 12 months
B. $523 dollars in 36 months
C. $1456 dollars in 100 months
D. $2800 dollars in 265 months
This tool will help you track and understand where you spend your money.
What is a budget?
300 to 669
What is generally considered poor to fair credit?
These types of loans give you the best interest rates because you have "skin in the game."
What is a secured loan? Mortgage, auto.
200 of 2000
What is 10%
APR is an abbreviation for what?
What is the Annual Percentage Rate?
Discussion question:
How will your faith in Jesus Christ affect your ability to become self-reliant?
670 to 850
What is generally considered good credit?
If you fail to make your mortgage or car payments this will eventually happen.
What is a foreclosure or car re-possession.
A meeting with the bishop annually about tithing.
The current auto loan rate for a person with good credit is 6.5% and a $15,000 auto loan payment for 5 years is $293. How much would my payment increase if I had bad credit and paid 23%.
It would increase by
A. increase by $220 to $513
B. Increase by $55 to $328
C. Increase by $130 to $423
How are repentance and obedience connected to self-reliance?
This type of closed-end loan is backed by your payment history.
What is a signature loan?
These open when you pay your tithing according to Malachi 3:10
What are the windows of heaven?
Finish this phrase: It is better to _____ interest than to _____ it.
What is: it is better to earn interest than to pay it.
You decide to sell your car on KSL and someone offers to purchase it. The person lives out of state and tells you they will send you a cashier's check for $2000 more than you asked for if you'll pay to ship the car. they even provide you with a shipper that is only going to cost $650 and tell you to keep the remaining cash for the hassle.
What is a scam?