This week, we learned about how to financing your money.
some methods to finance your money:
- Installment plan
- layaway (ask for store to keep your stuff you want to buy, and pay certain amount of money in every month/year etc.)
- Secured and unsecured loans.
Some sources of financing are:
- retail stores
- banks and credit unions
- finance companies
- pawn shops
- payday loans (evil)
- title loans (evil)
- private lenders
Some types of credit are:
- open-end credit
- closed-end credit
- service credit
- revolving credit
- secured loans
- unsecured loans
There are many methods, sources of financing, and types of credit, but each one of them has some pros and cons. Therefore, it is important to have researches on them before you use them, and pick right method, source and type for you.
We also learned about a credit card. We all know about a credit card but we don't know what systems a credit card exactly has. There are many benefits but also costs by using a credit card. If you know exactly how to use it, it is totally useful to have. But if you don't know how to use it, it can hurt you really bad!Remember that a credit card is not a free money! If you use it to buy something, you have to pay back! Therefore, the lessons that we learned this week are really important and helpful in the future, or even now!
Again, what we learned this week are really important and helpful. Fortunately, I don't have any credit cards with me, so I don't need to worry about it right now, but I probably will have one in the future, so I am glad to have this class (:
I am really glad this class is mandatory because everything we have learn will help us so much in the future! Yes, when spending a credit card, people get easily carried away and do not think about the consequences. The best thing to do is make sure you pace yourself when shopping or even purchasing something small, like a beverage. If you save that money you were going to spend on the drink, it will actually help you a lot in the future. Keep up the good work!!
ReplyDeleteI really appreciate the fact that you laid all the information out nicely for us. I agree! Many people seem to think that a credit card is just free money, esp. someone else's money, and don't bother paying all the payments. It's important that people understand the terms and conditions of the card before purchasing it.
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