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A Bad Day
Problem Solving pt 2
Julie: How was your day? Jake: Very stressful, how about you? Julie: What happened? Jake: My bank called me and informed me that I am $3,500 in debt. Then I checked my credit score and it was 260.
Julie: Jake, I am going to give you a lesson on credit. First off, how many credit cards do you own? Jake: Uhhh Julie: Well, there is your problem. Keeping track of all your credit cards, knowing whether they are open or closed end and the balance at the end of the month is essential to getting out of debt and staying on track
Jake: What does closed or open end mean? Julie: Closed end credit is when you have a limit on how much money you can borrow. Open end credit is when you can borrow as much as you want but be careful because you will have to pay it back. Julie: Let's say you take borrow $1,000 to buy a new car. If you pay $40 a month it would take you about 2 years to pay back that loan. Paying your monthly balance on time will help boost your credit score.
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