Credit Cards
These sort of people pay higher interest rates on credit cards.
What are young people?
A number telling banks and lenders the likelihood someone is able to repay debt
What is a credit score?
You pay more for a car by doing this
An asset that increases in value
What is an appreciating asset?
Get out and stay out of debt
What is the Second Foundation?
These are things you cannot do without a credit card.
What is nothing?
All the parts of a FICO score are determined by this
What is debt?
This loan requires the borrower to put up collateral for the loan
What is a secured loan?
Marketing ploys to convince people to get credit cards
What are low or zero percentage intro rates, low minimum payments, and cash back/rewards?
Credit card companies' greatest source of profit
What are interest payments?
The reason you should check your credit report, even if you have no credit cards or debt.
What is fraud?
Making monthly payments on a car but never owning it
What is leasing?
A car is this kind of asset
What is a depreciating asset?
These lenders charge high fees for loans and target desperate people
What are predatory lenders?
Credit cards with rewards (e.g., airline miles) often have this
What is a high annual fee?
What is nothing?
A home equity line of credit (HELOC) can be used to pay for this.
What is anything?
The best way to avoid debt
What is buying things in cash?
Ways credit card companies make money off its customers.
What are charging interest, merchant fees, annual fees, over-the-limit fees, late payment fees, and cash advance fees?
Credit card companies charge these fees to stores for every purchase made with their cards.
What are merchant fees?
A credit score tells nothing about a person's ability to do this
What is manage wealth?
Debt is a wealth-building tool for these people
What are CC companies, banks, and lenders?
Your greatest wealth-building tool
What is your income?
A quick method involving paying debts smallest to largest
What is the debt snowball?