PACED
What does the D in PACED stand for?
What are Decisions?
this is a person who is eqaully responsible for paying a credit card or a loan if it is not payed by the original card or loan holder
what is cosigner
What is a debit card?
A card that pulls money directly from an associated bank account.
Something you can see and touch
Give an example
What is a good?
phone
Give advantage and disadvantage to a gift card
Advantage is that there isn't interest or extra fees, and free
Disadvantage is that it is limited to one store. Can't be replaced if lost or stolen
What does the A in PACED stand for?
Give an example
What are Alternatives?
different stores, brand names
This is the "Price" of money.
What is the name the Credit Card Companys use to tell you this?
what is Interest. Extra Money you have to pay to borrow it.
What is APR-Annual Percentage Rate
Can a debit card be replaced if it is lost?
Yes
Something someone does for another person.
Give an example
What is a service?
hair cut
What is an advantage or disadvantage of a debit card
advantage- you don't have to pay interest
disadvantage- No rewards, can spend over the amount of money you have in your bank account
What does the C in PACED stand for?
Give an example
What is Criteria?
price, color, comfort, style
The maximum amount you can spend on your credit card
what is credit limit
how can you track your Debit card purchases?
you would call your bank or look at your bank statement online.
watch your receipts
What is the definition of a consumer?
A consumer is a person who buys and uses goods and services.
What is the advantage and disadvantage to having a credit card?
Advantage-Buy now pay later, can earn rewards
Possible yearly fees, interest charged on unpaid balances, can lead to financial difficulties if misused.
What does the E in PACED stand for?
Give an example
What is Evaluate?
This one is better than the other
this one is cheaper than the other
What happens if you don't pay in full at the end of the month? what do you have to pay?
What can a credit card company do if you don't pay on time?
you have to pay interest
They can raise your interest rates
Freeze your account
taking money out of the bank
what is withdrawl
What is a need? give an example
something you need to survive-air, water, food, clothes
Would having a high credit limit be considered an advantage or a disadvantage?
Advantage. Because banks would trust you to loan you money
Disadvantage-spend more than you really need to or have
What does the P in PACED stand for?
Give an example
what is a Problem?
Need or a Want - New phone
What is the monthly credit card statement(what does it tell you)and
What should you check your credit card statement for?
report of all the money and transaction you have made
Incorrect/fradulent charges
Missed payments
Fees
everything was charged correctly
What happens if your bank allows you to go over the amount you have in your bank account and you go over? What kind of fee is this?
You get an over draft fee
what is a want, give an example
something that you would like to have but don't need to survive,
toy, phone, game
What would help you increase your credit score?
NO MISSED PAYMENTS-
Time- how long you've had your credit card, the longer the better.
The number of cards and what kind of credit cards you have.
Inquiries- like if you've opened a credit card recently.
Revolving utilization- how much of the total credit you are using.