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Life & Credit

Life & Credit. Group Share…. What comes to mind when you think of money?. Credit Basics. Group Brainstorm…. What is credit? What are the different types of credit?. Smartaboutmoney.org. Checking Your Credit Report…. How many times a year should you check your credit report?. Credit.com.

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Life & Credit

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  1. Life & Credit .

  2. Group Share… What comes to mind when you think of money?

  3. Credit Basics

  4. Group Brainstorm… What is credit? What are the different types of credit?

  5. Smartaboutmoney.org

  6. Checking Your Credit Report… How many times a year should you check your credit report?

  7. Credit.com

  8. Group Brainstorm… Where can you get credit?

  9. Credit Unions and Banks • Car Loans • Credit Cards • Secured Loans • Unsecured Loans • Home Loans • Home Equity Loans • Student Loans

  10. Credit Card Companies • Secure way to pay for items • Easy to use and often easy to get • In the Mail, Over the phone, Online • Rewards • Points • Gifts • Cash Back • Vacations

  11. Department Stores • Offered in stores • Rewards • Special discounts • Sales Days • Money back on purchases • Discounts when you sign up • Encourages you to spend more

  12. Payday Lenders • Short Term Loans • Average term 14 days • Fee/per $100 • $100 = $15 fee • $200= $30 fee • Higher Interest Rates • Don’t check credit • Can affect your credit if you don’t pay

  13. How It Affects You

  14. Let’s Try It… http://www.myfico.com/myfico/creditcentral/loanrates.aspx

  15. Credit Card Companies

  16. Trivia Percent of undergraduate students with a credit card 76% Average credit card debt of an undergraduate student $2,200 Percent of undergraduates who had no credit history 2% Percent of undergraduate students with 4 or more credit cards 48% Percent of incoming freshman who already have a credit card 39% Percent of students who pay their card in full each month 65% Source: http://www.statisticbrain.com/credit-card-ownership-statistics/

  17. Group Activity

  18. True Cost of Credit

  19. $129.99 www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

  20. $499 www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

  21. $1100 www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

  22. $2500 www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

  23. $4228.99 www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

  24. What was your gold nugget?

  25. Final Thoughts… 1.Think about how your actions now will affect your credit later 2. Think before you swipe 3.Don’t say yes to every credit card offer

  26. Questions? Thank you! For more information from today's presentation please visit any VBSFCU Branch or www.vbsfcu.org amallinson@vbsfcu.org

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