Financial Lit project 2
Storyboard Text
- Consequences for missed credit card payments can vary depending on the card issuer. But generally, if you don't pay your credit card bill, you can expect that your credit scores will suffer, you'll incur charges such as late fees and a higher penalty interest rate, and your account may be closed.
- mmm. okay
- Let me finish talking about the credit cards Focus on paying off your credit cards first. They sent you an angry letter because you're 45 days PAST DUE
- Pay off the credit card with the highest APR.
- Steven mentioned there's a good reason to pay off your highest interest debt first — it's the debt costing you the most. Credit cards with higher-than-average APRs can be especially hard to pay off.
- Pay more than the minimum payment.Get on a budget.Cut back your spending.Increase your income.Refinance your loans (only if it makes sense).Avoid income-driven repayment plans (IDRs).Don't bank on student loan forgiveness.Make paying off your student loans a priority.
- Now about the $45,000 student debt, I'll list a few ideas to help you pay it off.
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