Holiday Credit without Paying Big $$$

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1 The Webinar Will Begin at 12:00 EDT Holiday Credit without Paying Big $$$ Cooperative Extension Nationwide educational network Each state and territory Land grant university and a network of local and regional offices Reaching out Extends the education and research from the university into the local community Solve public needs with university resources through non formal programs 2 University Florida/IFAS Extension in Florida Partnership between University of Florida & County Governments Main website Webinar Team Dr. Michael Gutter, University of Florida, Associate Dean, State Program Leader for 4H Youth Development, Families and Communities Scott Taylor Hernando County Extension Agent Julie England M.S.,CFCS Lake County Extension Agent Lisa Leslie, M.Ed., AFC Hillsborough County Extension Agent 3 4 Please complete the SHORT evaluation that will be sent following the webinar 5 6 1

2 Holiday Credit without Paying Big $$$ Should We Use Credit? What is Credit Exactly? What Does Credit Really Do? Create a strategy for holiday expenses to reduce unexpected costs and finance charges 8 The Basics Cash or Credit? What is a reasonable amount of debt? How do you get credit? Capacity Character Collateral The Basics Define Your Money Personality. Are You? Impulsive If so, what are the dangers? Impatient Warning Signs? Why am I really getting this card? 9 10 More of the Basics Limiting Emotional Spending The holidays affect many people emotionally If you are unhappy, sad, bored, or otherwise emotionally stressed, don t use it as an excuse to buy something Holiday spending is fine, just develop a budget for it More of the Basics Limiting Emotional Spending Avoid Impulse purchases If you see something you want, but isn t in your budget, wait 24 hours or more before making a decision about buying the item If you still want it after 24 hours, try to postpone it for a week and develop a plan to purchase it Create a wish list so you have gift ideas to give friends and family

3 What to Look for When Shopping For Credit Compare fees Annual percentage rates Grace period Length of time for repayment Balance calculation methods Credit Costs Over Time How Credit Costs Increase Over Time Repayment Period 12 Mo 18 Mo 24 Mo Amount Financed $ $ $ APR 18.00% 18.00% 18.00% Monthly Payment $27.50 $19.14 $14.98 Finance Charge $30.00 $44.52 $59.28 Total Amount to be repaid over the life of the loan $ $ $ Target Payoff Month Use the SMART goal strategy to pay off holiday charges to reduce/avoid finance charges Specific: i.e. Budget $500 for holiday spending Measurable: how you will pay it off: $50 per month Target Payoff Month Adapt: If something unexpected happens, adjust the goal, don t give up on it Realistic: Make sure your budget can afford the charge ($50/month) Timeliness: Try to get it paid off as soon as realistically possible to avoid/reduce finance charges Balance Calculations Daily Balance Method Most common method The company takes the beginning balance for each day and adds new purchases and subtracts payments made. Calculates the finance charge for each day s balance, then adds those figures together to get the finance charge for the whole billing cycle Adjusted Balance Method Method is best for consumers The company computes the balance by taking the amount owed at the beginning of the billing cycle and subtracts any payments made during the cycle New purchases are not included Balance Calculations Previous Balance Method The company uses the amount owed at the beginning of the billing cycle to compute the finance charge Doesn t take into account payments made during the billing cycle Average Daily Balance Method (Including or Excluding New Purchases) The company adds the balances for each day in the billing cycle and then divides by the number of days in the cycle Payments made during the period are subtracted to get the daily amounts owed

4 Balance Calculations Depending on the balance calculation method, the same $2000 credit card purchase and payment sequence finance charge can be significantly different Bottom Line Know how your creditor/s calculate finance charges Know Your Bill Credit card statement Previous balance Purchases Cash advances Payments Finance charge New balance Minimum payment due and Deadline Time to payoff the balance if only paying the minimum Payment Principles Minimum Payment Due Payoff(s) Balance Transfers Deferred Interest / 90 Days, Same as Cash Power Payments Power Pay Organize your credit debts by either lowest outstanding amount, interest rate, etc. Increase payment until one debt is paid off Then take the payment amount from the paid off debt, add it to the payment you were going to make on another outstanding balance to pay that one off quicker Power Pay Continue to snowball payments until all outstanding balances are paid off During this time, you MUST maintain spending control of credit to ultimately be successful Just because a card is paid off, does not mean you need to use it!!! Cancel card with Credit Card company But delay cancellation until total debt utilization is less than 20 30% Destroy credit card PowerPay Free service online Free APP available Compares all previous methods Time line printed Developed by:

5 Click Here When Finished Enter an Account Click Florida Payment Calendar Click Here for Repayment Method Click Here to See Savings Without Power Payments To Pay Extra or Schedule Extra Payments Danger Signs Paying only Minimum Due on Charge Accounts Pay Some, Ignore Others Use Credit to pay Credit Late Notices Legal Action Collection Agency Foreclosure/repossession Checking Your Credit Rating Reporting Agencies

6 What can I do to fix it? If you can t pay a debt, let the creditor know. The worst thing you can do is ignore the bill Suggest an alternative payment plan Be realistic about your long term repayment plan The only thing that can fix bad credit is TIME and GOOD PAYMENT history Credit Rating How Your Credit Rating Affects Your Money Management Plan A good credit rating is a valuable asset The higher the rating, the better the chance of being approved for the loan Secured vs non secured credit options Your credit record, good or bad, follows wherever you go Having many credit cards, and/or very high limits, will affect your credit rating Many employers, insurance companies, and housing authorities check credit scores on applicants Credit Score Summarizes your creditworthiness based on your credit report Married couples have separate scores Impossible to have a perfect score unless you ve had an account open for at least 15 years Don t need perfect, aim for 700+ Requirements vary by lender Shopping When holiday shopping, look for bargains Black Friday Are they really good deals or just marketing? In Store specials like Door Busters Compare Online prices to brick and mortar stores Remember to include shipping and handling if applicable Are items in stock and ready to ship? Shopping If you see something online at a lower price, ask the retailer if they will match it Many times local retailers will match an online price to get the sale Identity Theft Identity theft is a serious crime that can wreak havoc on your finances It can take a lot of time, money, and patience to resolve Identity thieves are very resourceful, and even though you may be careful, they can still get your personal info

7 Identity Theft Once identity thieves have your personal info they can drain your bank account run up charges on your credit cards get medical treatment on your health insurance, etc. To reduce the risk of id theft, review your credit reports at least once per year For more information on recovering from id theft identity theft Identity Theft If you notice credit fraud on your statement, and it is reported, there is $0 liability, if reported If your actual credit card is stolen, the liability is limited to $50. And bank account is not tied up One strategy is to use a specific credit card for online purchases only Identity Theft Review your credit card account and billing statements: Look for charges you didn t make Be alert for bills that do not arrive when you expect them Question credit card or account statements you receive that you do not expect Protect your credit card payments when mailing Credit Report To request your free credit report go to annualcreditreport.com or call Complete the request form and mail to: Annual Credit Report Request Service P.O. Box Atlanta, GA Final Thoughts Holiday Challenges Emotional Spending Impulse Buying Overextending the budget Use SMART Goals to reduce/avoid interest charges Final Thoughts It is wise to have only two or three credit cards for use Keep your balance(s) low Carefully examine your motive for getting a credit card Credit should be your servant, not your master!!

8 Questions? Please complete the evaluation that will be ed later today 8

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