Credit__1_1.10.key - Outline for Credit-Chapters 6&7 FCE...

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Outline for Credit - Chapters 6 & 7 Pros and Cons of Credit Types of credit Selecting a credit card Minimum payments and consequences Credit ratios Credit reports and ratings; FICO scores Credit laws and protections Getting out of debt FCE 238 FINANCIAL PYRAMID DEBT Wallet woes….. Michigan State University Average debt at graduation $22,147 *Kiplingers Personal Finance February 2008 Credit card debt in our class: My credit card debt is: A. $0 - $500 B. $500 - $1,000 C. $1,000 - $3,000 D. over $3,000 National Financial Capability Study Dec 09 1500 adults nationwide – 2 in 3 have credit cards – 27% have 4 cards or more
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7 Behavior that results in fees or expenses 7 In the past 12 months... <$25K $25-75K >$75K I always paid in full 54% 52% 55% Was charged interest 47% 52% 51% Paid minimum only 36 30 6 Charged late payment 26 25 19 Above limit charges 12 8 22 Used cash advance 12 8 4 8 Behavior by age.. 8 In the past 12 months... 18-29 30-44 45-59 60+ I always paid in full 51% 45% 44% 75% Was charged interest 46% 62% 58% 33% Paid minimum only 41 35 31 11
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