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Understanding Credit: Types, Benefits, and Considerations

Learn about different types of credit, such as regular credit and revolving credit, along with benefits of using credit instead of cash. Discover how credit cards and other forms of credit can impact your financial well-being.

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Understanding Credit: Types, Benefits, and Considerations

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  1. Credit

  2. 1. WRITE YOUR OWN DEFINITION FOR CREDIT ON YOUR PAPER. SENTENCES: • I RECEIVED CREDIT FOR TURNING IN THE ASSIGNMENT. • WHEN THE PIZZA DUDE MESSED UP ON MY ORDER, I WAS GIVEN A STORE CREDIT FOR A FUTURE PURCHASE.

  3. 2. REGULAR CREDIT: a type of credit in which the entire bill must be paid after a certain type period, usually 30 days.

  4. 3. REVOLVING CREDIT: the type of credit in which part of the bill must be paid off each month.

  5. 4. ANNUAL FEE: - fee that the person using the card must pay each year for the right to use it. Not all credit card companies charge this fee.

  6. Reasons Why Credit Can be Better than Cash a. Certain expenses, like travel costs are easier and safer to pay for with credit. b. Carrying around large amount of cash that can be lost or stolen is avoided. c. Large expenses like major car repairs can be paid for by using a credit card.

  7. Credit cards are not good for people who can not routinely pay their bills. -Ccards are not good for people who enjoy spending excessive amounts of money. -Not paying off credit cards can lead to bad credit scores which can affect future home and auto ownership.

  8. The amount of interest that is charged on credit cards does not matter to people who save money and are good at paying their bills because if the bill is paid off monthly, there is no interest charge.

  9. Besides credit cards there are other forms of credit which includes . . . . a. Home mortgages b. Auto loans c. Student loans d. layaway

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