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Hello! My name is Jessie, and today I am here to talk to you about a few things on Credit. I'm sure your first question is, "Well, what IS credit?" Well, my friend, credit is received goods or services today. Hmm...you're probably thinking, 'what does that mean?' That basically means that for example if you were to buy a car, but you didn't have the money to pay for it in cash, you could get a loan from the bank and say they want you to pay it back within 5 months, but if you don't pay back the money within those 5 months, the car belongs to the bank or the dealership.
Here's a cool fact! There are many different types of loans you can get! But today I am going to tell you about Installment Loans. An Installment Loan is a loan in which the person borrowing money must repay the amount of money they owe in a specified number of equal payments. For example, a mortgage, automobile loan(car), personal loan or a student loan.
Finally, I am here to tell you about Credit Cards. Credit Cards are a small plastic card issued by a bank, allowing the holder to purchase goods or services on credit. Meaning you can buy anything with this card, but you have to make sure you pay that money back within the deadline. Examples of credit cards are VISA, Discover, American Express, Master Card, Chase, etc. I would love to talk about more, but I have to go eat a yummy burger! Have a great day!
What would you like to eat miss?
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