Financial Literacy - Credit
Updated: 5/11/2020
Financial Literacy - Credit
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  • Debt seems scary... if I were to fall into debt, how can I overcome it?
  • Evaluate the contract carefully!1. Are there fees? 2. What is the annual percentage interest rate (APR)?3. What are the consequences of a missed or late payment?4. What happens if the loan is not paid back in full?
  • Remember: the amount you borrow should be less than 20% of your annual net income and the monthly payment should be less than 10% of your monthly net income!
  • In order to use my credit responsibly I must pay the monthly payments on time and consider future implications to paying back the amount borrowed.
  • Exactly! Living paycheck to paycheck is exhausting and takes a great toll on your financial well being. If you fall behind on late payments, it could impact your credit score, increase debt, and some lenders may take legal action.
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