Independent work credit

Can I afford to pay the monthly payments?

• Can I afford to pay the monthly payments?
• What will happen if I don’t make the payments on time?
• What will be the extra cost of using credit?
• What will I have to give up to pay for it? (Opportunity cost)
• All things considered, is using credit worth it?

How to Avoid the Pitfalls

• Always read the fine print of a credit card or loan application before you sign on the dotted line.
• To avoid the higher interest rates of credit cards, consider a loan for large purchases
• Be choosy about your credit card, and don’t apply for more than you actually need
• Pay as much as you can every month
• Pay a bill at least a week before it is due
• Arrange for automatic payments of your monthly bills
• Get into a saving mode so you rarely need credit or loans for monthly purchases

Can you Believe?

• _____% of students with a credit card don’t repay the entire balance each month.

2. _____% of teenagers say they have never discussed using credit cards responsibly with a family member.

28
68

_____% of teenagers say they are pretty familiar with credit cards

• _____% of teenagers say they are pretty familiar with credit cards

5. _____% of teenagers have access to a parent’s credit card.

6. _____% of teenagers aged 18-19 already have a credit card in their own name.

9
56
31