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Understanding Credit: Benefits and Risks in Modern Finance

This comprehensive guide outlines the history, advantages, and disadvantages of credit. Credit allows you to make significant purchases, influences employment opportunities, and offers immediate access to funds. However, it can also lead to addiction, excessive costs through interest, and long-term damage to your credit score if mishandled. Essential terms like APR, credit limits, and grace periods are defined, and the risks of "buy now, pay later" schemes are highlighted. Empower yourself by understanding credit's potential and pitfalls.

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Understanding Credit: Benefits and Risks in Modern Finance

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  1. Credit; friend or fiend? By: Kelsey K. Lawyer

  2. What is the History of Credit?

  3. Advantages of Credit • Allows you to buy a home or a car • Potential employers can base their assessment of you on how well your credit is • The better you credit the lower rates you pay • You can get what you want now instead of waiting until you have all the money to purchase it. • You can slowly pay for something you never thought you would have

  4. Disadvantages of Credit • Can become an addiction • You pay much more than the item is worth through interest • If you miss payments then you’re original rate may go up, making you pay more than you first thought • If you can’t make the payment it ruins your credit score and lose the item • Your credit score takes years to repair • Finally, if credit is mishandled it can potentially lead you into debt

  5. Terms and Descriptions About Credit • APR (Annual Percentage Rate) • Grace Period • Fees • Credit Limit • Rewards

  6. A Golden Credit Card

  7. Information About the Discover More Master Card

  8. My personal Theory on Credit

  9. “Wish List: Buy now, pay later” (and what it really costs). MUCH MUCH MUCH LATER!

  10. Special Add-ons to the Mini Dream

  11. Continued

  12. References • http://inventors.about.com/od/cstartinventions/a/credit_cards.htm • http://proquest.umi.com.libsrv.yvcc.edu:2048/pqdweb?index=1&did=1564313731&SrchMode=1&sid=1&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1225312862&clientId=8341 • http://proquest.umi.com.libsrv.yvcc.edu:2048/pqdweb?index=2&did=1576130631&SrchMode=1&sid=4&Fmt=3&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1225313714&clientId=8341 • http://www.miniusa.com/#/build/configurator/minis-m

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