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Chapter 10

Chapter 10. Section 5. Establish credit history. Start small Apply for department store credit card Make small purchases Do not miss a Save regularly. Credit for married people. Apply for credit in separate names or one with both names on it. For loan, use both names

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Chapter 10

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  1. Chapter 10 Section 5

  2. Establish credit history • Start small • Apply for department store credit card • Make small purchases • Do not miss a • Save regularly

  3. Credit for married people • Apply for credit in separate names or one with both names on it. • For loan, use both names • This is for you to have a in case you need to borrow money on your own.

  4. Common mistakes • It is easier than to build a good one. • Never ignore bills, always pay them

  5. Read what you sign • If you do not fulfill your obligations under the contract, you can • every contract and make sure you understand it. • Acceleration Clause: the entire debt is • If a contract has an acceleration clause, ask the lender to remove it. • Balloon payment:

  6. Add-on Clause—allows

  7. Credit Life Insurance—when getting a loan, often the lender will try to sell this to you--designed to pay off your loan if --expensive; other options are better--

  8. Bankruptcy • Bankruptcy: a legal process in which people who cannot pay their debts • The court then sells the property to help pay the debt. • Your credit history will carry the bankruptcy on your report for

  9. Fraud • (identity theft): using someone else’s identity to get cash or buy products using credit. • They need your • Protect yourself by guarding your personal documents.

  10. Help for credit problems • : designed to pay off all the smaller loans and give you one payment to make each month. Payments on the new loan are extended over a longer period of time, so the amount of the payment is smaller than the monthly total of the old payments. • You end up

  11. Help for Credit Problems • If you are heading for financial trouble, seek help. Go to an office of the National Foundation for Consumer Credit (NFCC). • Check the Better Business Bureau for complaints to check the clinics charging fees.

  12. While most people will have to borrow money for a home……. • The bestfinancial decision you can make regarding the use of other credit is………………..

  13. REMEMBER……… • LIVE LIKE NO OTHER (NOW)………… • SO YOU CAN LIVE LIKE NO OTHER (LATER)!

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