3. INTEREST RATES AND CREDIT
• Paying all cash!
• Credit scores
• Good credit
• Medium credit
• Bad credit
• Late payments, defaults;
bankruptcy
• Term of loan
• Interest rate
• Prime lending rate
• Amortization schedule
Auto rate calculator
This is an example of a deal made for
someone with bad credit: a $16,000
Nissan Versa, minus a $1,000 bonus
cash incentive, financed for 72 months
with $1,000 down. The interest rate
would be around 17.9 percent, which
would bring the monthly payment to
about $354. At the end of the six
years, you would have paid $25,485
for that Versa.
4. PAYDAY LOAN SERVICES
• Almost 30% is the CA
limit on auto loan
interest rates!
• Ethical?
• Payday loan services?
5. “USURY”?
Banks and banking are central to “capitalism” and the accruing
of money towards investment and economic growth. But ethical
reservation revolving around the lending of money are ancient!
6. CREDIT CARDS
• “Credit Card” versus
“Debit card.”
• Credit Cards
• American Express
– Visa, Mastercard, and
Discover
– Interest Rates, Rewards
• College students and
credit cards?
• Middle Class safety net?
• National credit card
debt?
7. MODERN AMERICWANTS
YOU TO BE IN DEBT!
• There used to a be a strong moral prohibition
on debt – NO MORE!
• The idea of being a “WAGE SLAVE”!
