Credit Reports Definition
2010
Questions on managing my money?
What are the definitions of a:
Loan
Interest
How the annual percentage rate measures the real cost of a loan?
What are some ways to borrow money?
Whats the difference between a charge card, debit card, and a credit card?
What are the costs and pitfalls of using those cards?
Why would it be unwise to make onlly the minimum payment on my credit card?
What are credit reports?
What are a few ways to reduce or eliminate debt?
if you can’t answer all of the above then that’s ok, but if you could give answers to some or most of them that would be great!
~
Thanks
Loan – Being lent money to pay back later
Interest – The fee for borrowing the money
Annual percentage rate – If you borrow $10,000 at 10% interest annually. The loan will cost you $1,000 a year as long as you owe the same $10,000. The fee goes down as you owe less and goes up as you owe more.
- Loans
Charge card – Can be used like a credit card
Credit card – Borrowed money
Debit card – Money comes directly out of your account
BAD side of using credit cards is getting in debt. Bad side of using debit cards is if stolen… someone can clean out you’re entire bank account.
Making minimum payments prolongs the time it takes to pay off your debt. The longer it takes.. the more interest you pay.
Credit reports show your credit score and your credit history
You can reduce/ elimitate debt by paying it off ON TIME and as quickly as possible.
Geeezzz.. that was a long question!!
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