CREDIT PROJECT

COMPARING CREDIT CARDS

• Credit is buying things when you dont necessarily have the money and paying for it at a later date
• Pros of credit are being able to buy things immediately, not having to have a ton of cash on you, and not having a heavy wallet. Three cons are spending too much, being in debt, and not having a heavy wallet
• Four types of credit cards are Discover, Mastercard, Visa, and American Express

CREDIT REPORT

• Detailed report of an individuals credit history
• Good credit gives benefits such as lower interest
• A good credit score is 850, the highest you can get
• Paying off debt is a good way to improve your credit score

DEBT MANAGEMENT

• Making payments in time is a good way to handle debt
• You can avoid debt at an early age by managing your money and not spending what you dont have

CREDIT LAWS

• Truth in lending act helps customers to know what they are agreeing to in a credit transaction
• The equal credit opportunity act states that creditors must not discriminate
• The fair debt collection practices act creates liability for harrassing abusive practices
• The fair credit reporting act protects consumers from having their eligibility for credit disrupted