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Consumer Credit Powerpoint

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Transcript

  • 1. Understanding
    Consumer Credit
    Anita Lambert
  • 2. Consumer Credit
    Defined -
    Short-term loans to individuals for
    purchasing goods and services for
    personal and household use.
    Credit card debt, vehicle leases, and
    installment loans are examples of
    consumer credit.
  • 3. Consumer Credit
  • 4. Consumer Credit
    Types of Consumer Credit
    Closed-End Credit – credit contracts that specify
    the time period over which the loan or sales contract will be repaid, the total amount due, and the number of payments and due dates on which they fall.
    Open-End Credit - a form of credit that does not
    have an upper limit on the amount that can
    be borrowed or a time limit before
    repayment is due.
  • 5. Consumer Credit
    Closed-End Credit
    • Home Mortgages
    • 6. Automobile Loans
    • 7. Installment Payments for Furniture, appliances and electronics
  • Consumer Credit
    Open-End Credit
    • Personal Lines of Credit
    • 8. Home Equity Loans
    • 9. Charge Accounts
    • 10. Credit Cards
  • Consumer Credit
    Charge and Debit cards account for over half of
    in-store purchases!
  • 11. Consumer Credit
    Advantages & Disadvantages
    Convenience
    Emergencies
    Large Purchases
    Builds Credit
    Temptation
    More Expensive
    Unrealistic Lifestyle
    Can Ruin Credit
  • 12. Consumer Credit
    Potential For Abuse
  • 13. Consumer Credit
    Credit Management
    • Know what you can afford
    Debt-to-income Ratio
    • Know what you’re getting into
    Read the terms & conditions
    • Know the laws
    Educate yourself on credit regulations