Personal Financial Literacy Debt Management and Credit Worthiness Terms Deposits Withdrawals Transfers Overdraft fees Automated Transactions Bounced Checks Loan Debt Personal Debt Your ID: 604774
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Essential Question: How can creating and managing a budget help someone make better financial decisions? How can debt management and credit worthiness impact an individual’s ability to become a responsible consumer and borrower?
Personal Financial Literacy:
Debt Management and Credit WorthinessSlide2
TermsDeposits
Withdrawals
Transfers
Overdraft fees
Automated
Transactions
Bounced Checks
Loan
DebtSlide3
Personal DebtYour
debt
is the money you owe to creditors. People build debt by taking loans for homes, cars, education, starting a new business, etc.
Credit Cards=small loan
Every loan will include
interest rate.Slide4
Personal Debt Cont’dBuilding debt is not always bad.
Most people will need to take a loan of some kind during their lives.
Banks are more willing to offer loans, or low interest rates, to people with a good credit history/credit score.
You can build a good history/score by paying back your debts on time or early.
PAYING BILLS on time every timeSlide5
Your ResponsibilitiesBorrow only what you can repay
Read and understand the credit
contract (Fine Print)
Pay debts promptly
Notify creditor if you cannot meet payments
Report lost or stolen credit cards promptlyNever give your card number over the phone unless you initiated the call or are certain of the caller’s identitySlide6
Reading a Credit Card StatementSlide7Slide8
Elements of your Credit Report