Personal Finance Performance Task 4 Part 2- Valentin Chindea

Personal Finance Performance Task 4 Part 2- Valentin Chindea

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  • The very next day,  Rachel decides to go visit the local credit counseling agency, the  CCCS of San Francisco.
  • CCCS 
  • Hello Miss Cara, it's great to meet you! I'm here for the free consultation?
  • Yes of course! Let's get started right away!
  • Oh! That's what my bank was saying when I got my credit card!
  • Ok, let's start with the basics.
  • Alright...
  • Interest is the payment that someone makes for the convenience of borrowing money.  It is often shown by a percent called an APR or annual rate.
  • What's credit?
  • Yep, and that APR is divided into daily compounded segments on to your credit card. 
  • Credit is how much money someone is willing to lend to you. Once it is used to purchase something, it is similar to taking out a small loan. You need to repay it with the accumulated interest.
  • That explains a lot. I'll try my best to be more responsible with my money from now on.
  • Any tips, or anything I should avoid?
  • Of course! First of all, read all the fine print before signing anything. Pay as much of your balance as you can every month, as even small balances can grow quickly with daily compounded interest. It's also very important that you pay your bills on time, as it can greatly damage your credit score if you don't. Finally, never overspend on your credit card. The interest will make it very difficult to pay back.
  • Five years later...
  • Hey Bella! Guess who's your new neighbor!
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