Consumer Credit Basics Use credit wisely to enjoy
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 Convenient & safe Emergencies
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
Credit 101 Installment or Revolving Secured or Unsecured
Credit 101 Installment or Revolving The 3 C’s of Credit: Secured or Unsecured 1. Capacity 2. Capital 3. Character
Credit 101 Installment or Revolving The 3 C’s of Credit: Secured or Unsecured 1. Capacity 2. Capital 3. Character Credit Score
Credit Score
Credit Score
Credit Score
Use Credit Wisely • • Pay on time Pay in full or more than minimum Evaluate purchases Avoid fraud
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
Credit Help • • Communicate with lenders Talk to a financial counselor Work out a budget Prioritize debts
MCUL Financial Education • MCUL Consumer Financial Education Library • Financial Health course • Lovemycreditunion. org • CU Village Financial Resource Center
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