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Building Credit
Risks TroubleTypes
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Charge imposed for not paying on time.
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Late payment fee
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Fee charged for using the credit card even when you pay off the balance
in full every month.
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Minimum finance charge
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The process of moving an unpaid credit card debt from one issuer to
another.
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Balance transfer
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The interest-free time a lender allows between the transaction date
and the billing date.
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Grace period
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A loan that is paid in equal monthly installments with a fixed interest
rate.
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Installment credit
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This “C” refers to the way you handle money and have repaid debt in the
past.
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Character
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This “C” refers to the value of your assets or what you
own.
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Capital
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Establishing a steady work record and paying bills promptly both help
with this.
Daily Double!!!
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Building Credit History
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This “C” refers to your ability to pay the debt after considering other monthly
expenses.
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Capacity
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A document containing financial information about a person, focusing
on his or her history of paying obligations, such as a mortgage, car payment, utilities, and credit cards.
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Credit Report
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The maximum amount you can charge on a credit account.
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Credit Limit
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The low rate charged by a lender for an initial period to entice customers
to switch credit cards.
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Introductory or teaser interest rate
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Have passed a preliminary credit-information screening to qualify for
a credit card.
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Pre-approved
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When will you lose your grace period on a credit card?
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When you carry a balance
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This short term loan can have interest rates as high as 300%.
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Payday Loans
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60% of people don’t pay debt for this reason.
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Loss of Income
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The first step to take if you can’t pay your bills.
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Take a look at your budget.
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You combine your debts to make only one payment, usually lower
than the total amount of your monthly debt payments.
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Loan Consolidation
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A legal procedure that withholds a portion of your earnings for the payment of
debt. It also sounds like a sprig of
parsley on your plate.
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Garnishment
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A legal agreement between a lender and a debtor.
Permits lender to collect part of debtor’s wages from an employer if debtor fails to make regular payments.
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Assignment
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Items and services are paid for in a single payment, within a given time period, after the purchase. Interest is usually
not charged.
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single-payment credit
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Many items can be bought using this plan as long as the total amount does not go over
the credit user’s assigned dollar limit.
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revolving credit
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Merchandise and services are paid for in two or more
regularly scheduled payments of a set amount. Interest is
included.
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installment credit
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What credit companies would like you to continue to pay them.
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Minimum Payment
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Ideally what you can do to avoid paying interest on credit cards if you
do make purchases with them.
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Pay the entire balance on time.
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If interest rates are low and a person borrows the maximum they can
tolerate, what is the biggest risk to them?
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Interest Rate Increase