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Consumer Credit Basics

Consumer Credit Basics. Use credit wisely to enjoy personal financial health. Consumer Credit Basics. The benefits and costs of using credit Basics concepts in consumer lending Credit scores Using credit wisely. Use Credit Wisely. Build credit Big items; house, car, college

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Consumer Credit Basics

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  1. Consumer Credit Basics Use credit wisely to enjoy personal financial health.

  2. Consumer Credit Basics • The benefits and costs of using credit • Basics concepts in consumer lending • Credit scores • Using credit wisely

  3. Use Credit Wisely • Build credit • Big items; house, car, college • Convenient & safe • Emergencies

  4. Use Credit Wisely • Easy to live beyond your means • Easy to get into credit trouble • Hard to get loans for big items or emergencies with bad credit

  5. Credit 101 Installment or Revolving Secured or Unsecured

  6. Credit 101 The 3 C’s of Credit: 1. Capacity 2. Capital 3. Character Installment or Revolving Secured or Unsecured

  7. Credit 101 The 3 C’s of Credit: 1. Capacity 2. Capital 3. Character Installment or Revolving Secured or Unsecured Credit Score

  8. Credit Score

  9. Credit Score

  10. Credit Score

  11. Use Credit Wisely • Pay on time • Pay in full or more than minimum • Evaluate purchases • Avoid fraud

  12. Use Credit Wisely • Pay on time • Pay in full or more than minimum • Evaluate purchases • Avoid Fraud • Over limit fees • Convenience fees/interest • Cash advance

  13. Credit Help • Communicate with lenders • Talk to a financial counselor • Work out a budget • Prioritize debts

  14. MCUL Financial Education • MCUL Consumer Financial Education Library • Financial Health course • Lovemycreditunion.org • CU Village Financial Resource Center

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