Lesson_12 - Managing Credit FSoS 1301 Cash or Credit You...

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1 Lesson 12 Managing Credit FSoS 1301: Cash or Credit: You Need to Know Required Readings for Lesson 12: Federal Reserve Board (2010). Understand Your Statement. Retrieved from http://www.federalreserve.gov/creditcard/default.htm Keown, A. (2010). Using credit cards: The role of open credit. In Olver, J.M., Lant, T.K., Plant, R., Higgins, C.A., Majeske, K.D., & Kursh, S.R. (Eds.), Personal Finance: Turning Money into Wealth (pp. 162-193). Upper Saddle River, NJ: Prentice Hall Business Publishing. Read pages 22-23 Controlling and Managing Your Credit Cards and Open Credit - Table 6.5: How Long It Can Take to Eliminate Credit Card Debt - Reducing Your Balance nBuy Associates (2009). Steps: Maintaining Good Credit. Retrieved March 24, 2011, from http://www.saygoodcredit.com/maintaining-credit.html#cc. Read Entire Document.
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2 Lesson 12 Learning Objectives Identify the 3 steps in credit card management. Define credit card credo. Describe time, behavior, and action in relation to credit card credos. Know why opening your mail is important. Be able to read a credit card statement. Determine why paying the minimum payment takes more time to pay off debt. By the end of this lesson, you should: Identify the 3 steps in credit card management. Define credit card credo. Describe time, behavior, and action in relation to credit card credos. Know why opening your mail is important. Be able to read a credit card statement. Determine why paying the minimum payments takes more time to pay off debt.
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3 Lesson 12 Now that you have credit, how do you manage it?
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4 Lesson 12 Managing Your Credit Card Journey There are 3 steps in credit card management: Step 1: Picking the Right Card for You Step 2: Cautious Purchasing Step 3: Paying the Bill There are three steps to credit card management. The first step you already know: picking the right card for you. Step 2: Being cautious while making purchases and Step 3: Paying the bills. Steps 2 and 3 are going to be discussed in this lesson.
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5 Lesson 12 Cautious Purchasing Purchase what you can afford. Don’t use a credit card for small, daily expenses. Use the card for what you intended. Save your receipts, and keep track of what you are spending. Helpful Hint: When going out on the town, don’t take your credit card with you. It can be hard to keep track of your wallet or purse. Losing your wallet means losing your credit cards. If you are drinking (assuming you’re 21), impaired judgment can lead to making purchases you don’t remember. When budgeting your finances, you might consider your credit card an expense. However, it is not. The purchases you make using your credit card are your expenses.
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Lesson_12 - Managing Credit FSoS 1301 Cash or Credit You...

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