Understanding <br />Consumer Credit <br />Anita Lambert<br />
Consumer Credit <br />Defined -  <br />Short-term loans to individuals for <br />purchasing goods and services for <br />p...
Consumer Credit <br />
Consumer Credit <br />Types of Consumer Credit<br />Closed-End Credit – credit contracts that specify<br />the time period...
Consumer Credit <br />Closed-End Credit<br /><ul><li>  Home Mortgages
 Automobile Loans
  Installment Payments for Furniture, appliances and electronics</li></li></ul><li>Consumer Credit <br />Open-End Credit<b...
 Home Equity Loans
  Charge Accounts
 Credit Cards </li></li></ul><li>Consumer Credit <br />Charge and Debit cards account for over half of <br />in-store purc...
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Consumer credit powerpoint ignite

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Consumer credit powerpoint ignite

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