building your financial foundation. do you think people are more likely to buy something they do not...
TRANSCRIPT
![Page 1: Building Your Financial Foundation. Do you think people are more likely to buy something they do not need when they use a credit card? What is Credit?](https://reader036.vdocuments.us/reader036/viewer/2022062713/56649cc55503460f9498f299/html5/thumbnails/1.jpg)
Building Your
Financial Foundation
![Page 2: Building Your Financial Foundation. Do you think people are more likely to buy something they do not need when they use a credit card? What is Credit?](https://reader036.vdocuments.us/reader036/viewer/2022062713/56649cc55503460f9498f299/html5/thumbnails/2.jpg)
Do you think people are more likely to buy something they do not need when they use a credit card?
What is Credit?
?
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![Page 3: Building Your Financial Foundation. Do you think people are more likely to buy something they do not need when they use a credit card? What is Credit?](https://reader036.vdocuments.us/reader036/viewer/2022062713/56649cc55503460f9498f299/html5/thumbnails/3.jpg)
What is Credit?
Bad Credit:
Purchases $1000Interest Rate 27%Minimum Payment $23Years to Pay off 12 yearsInterest Paid $2,312
Actual Cost $3,312
Good Credit:
Purchases $1000Interest Rate 7%Minimum Payment $10Years to Pay off 12 yearsInterest Paid $440
Actual Cost $1,440
Purchase with Savings:
Purchases $1000 Amount Saved/month $1258 months to save $1,000Interest earned on money in savings $30
Actual Cost $970
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![Page 4: Building Your Financial Foundation. Do you think people are more likely to buy something they do not need when they use a credit card? What is Credit?](https://reader036.vdocuments.us/reader036/viewer/2022062713/56649cc55503460f9498f299/html5/thumbnails/4.jpg)
• Credit cards can be a tool to build your credit rating.
• To avoid interest and extra expenses pay your credit card balance off in full every month.
• Paying off your credit cards in full allows you to build your credit history without paying interest charges.
• WARNING: Before getting a credit card:
oHave 6 months worth of bills saved
oHave a working budget
o Control your spending
oHave a clear written plan in place
What is Credit?
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![Page 5: Building Your Financial Foundation. Do you think people are more likely to buy something they do not need when they use a credit card? What is Credit?](https://reader036.vdocuments.us/reader036/viewer/2022062713/56649cc55503460f9498f299/html5/thumbnails/5.jpg)
Identity Theft
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![Page 6: Building Your Financial Foundation. Do you think people are more likely to buy something they do not need when they use a credit card? What is Credit?](https://reader036.vdocuments.us/reader036/viewer/2022062713/56649cc55503460f9498f299/html5/thumbnails/6.jpg)
Types:• Social Security Identity Theft • Driver’s License Identity Theft• Financial Identity Theft• Medical Identity Theft • Insurance Identity Theft• Children’s Identity Theft• Criminal Identity Theft• Mortgage Identity Theft
Identity Theft
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Identity Theft
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Tips:
• Use only a secure server to access the Internet.
• Shred any document with personal information.
• Keep your Social Security card, passport, license, and other valuable personal information hidden.
• Get a mailbox that locks.
• Opt out of unnecessary (sometimes risky) credit or insurance offers. Call
• Never provide your social security information or private contact information over the phone–unless YOU initiated the phone call.
• Delete any suspicious email.
• For debit and credit cards Don’t carry your PIN in your wallet, purse, or pocket or write it on your card.