Personal finance justin jabowski

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Personal finance justin jabowski

  1. 1. Personal Finance Ms. Ross Spring 2009
  2. 2. Credit <ul><li>Credit is the ability to obtain goods and services before paying for them, based on a promise to pay later. </li></ul><ul><li>Thus, each time a person uses credit, he or she is in effect borrowing money. </li></ul>
  3. 3. Revolving Credit <ul><li>This is credit that is available up to a limit and automatically renewed as debts are paid off or paid down. </li></ul><ul><li>People who use revolving credit often make partial payments on their unpaid balances at regular intervals. </li></ul><ul><li>For example, credit card accounts offer revolving credit to users. </li></ul>
  4. 4. Credit, Friend or Foe? <ul><li>Unwise use of credit can lead people to spend more money than they can afford to pay back, reducing their ability to make purchases or save money in the future. </li></ul><ul><li>Compound interest can work against you if you use credit cards unwisely. </li></ul><ul><li>When well used, however, credit can provide many benefits. </li></ul>
  5. 5. Credit, Friend or Foe? <ul><li>Credit can be used to deal with emergency situations or to purchase valuable assets such as an automobile, a home, or an education. </li></ul><ul><li>It is in your best interest to learn to analyze the costs and benefits of using credit. </li></ul>

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