midterm cards part 2
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List types of consumer credit
- CLOSED-END CREDIT (mortgages, car loans)
- OPEN-END CREDIT ( credit cards, bank cards)
The Five C’s of Credit
Recognize the advantages and disadvantages of credit cards (types of credit cards)
- Bank credit cards
- Retail credit cards
- Debit cards
- Smart cards
Advantages and Disadvantages
of Credit Card Use (advantage)
- Method of identification
- Means of record keeping for business expenses
- Ability to make remote purchases
Advantages and Disadvantages of Credit Card Use (disadvantages)
- Most expensive way to borrow
- Negative effects of credit card marketing
- Fraud and identity theft
Summarize how to protect and correct credit.
- -Don’t give out your Social Security number,
- -Don’t print it on your checks.
- -Check your credit report regularly.
- -Shred old bank and credit statements before throwing them away.
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