# Financial Literacy. Credit basics

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1 Literacy Credit basics

5 HANDOUT 6-3 The cost of credit How interest is calculated on a credit card: The Visa interest rate is 20% annually The balance owing on this card is \$1000 Monthly interest charges are the balance, multiplied by 20%, and divided by 12 months \$1600 x 0.20/12 = \$16.67 interest per month If you pay the 2% minimum payment of \$20, you will only be paying \$3.33 toward the \$1000 balance. The rest will go to pay the interest \$ \$ \$20 = \$ remaining balance Here is what happens if you make only the minimum 20% payment for three months: Payment To interest To principal Balance 1st month \$20.00 \$16.67 \$3.33 \$ nd month \$19.93 \$16.61 \$3.32 \$ rd month \$19.87 \$16.55 \$3.32 \$ Contents If you only pay the minimum payment of 2% toward your debt each month, it will take you more than 9 years to pay off the debt. This will cost over \$1168 in interest and the item will cost a total of \$ NOTE: If you paid \$5.00 more each month on this minimum payment, you would pay back the balance 3 years and 6 months sooner and save \$ in interest. How interest is calculated on a loan: A \$1000 loan at 12% interest, to be paid over a two year period Equal monthly instalment payments would be \$47.07 Each month, as the balance goes down, you pay less interest and therefore more towards the principal. The full payment schedule would include 24 payments. The total interest cost would be \$ Payment To interest To principal Balance 1st month \$47.09 \$10.00 \$37.09 \$ nd month \$47.09 \$9.63 \$37.46 \$ rd month \$47.09 \$9.25 \$37.84 \$ The online calculators used to calculate these payments are included in the resources handout for this module.

6 4 Contents HANDOUT 6-3, continued Comparing the cost of credit Payment method Cost of item Interest and fees Total cost of item Cash \$ \$1, Buy Now, Pay in 1 Year pay balance in full on time (no interest) \$1000 \$50 set up fee \$1, Buy Now, Pay in 1 Year pay balance in full but one week late (28% interest from date of purchase) \$1000 \$50 set up fee \$ interest \$1, Buy Now, Pay in 1 Year begin to make \$100/month payments after due date \$1000 \$50 set up fee \$1, in interest \$2, Credit card pay in full by due date \$ \$1, Credit card make minimum payment only at 20% interest \$1000 \$1, interest over 10 years \$2,397.26

8 6 Contents ACTIVITY SHEET 6-5 Goal setting Example: Goal: Get a lower interest rate on my credit card When? December 2016 Tasks: Read through my statement to confirm my current interest rate. Locate the customer service number for my card. Call customer service and ask for a lower rate. End of this week Next Monday Next Monday 1. Goal: Tasks: When? 2. Goal: Tasks: When?

9 6 Contents HANDOUT 6-6 Resources Consumer Agency of Canada This website offers interactive tools such as a Credit Card Selection Tool and Credit Card Payment Calculator. There are many helpful resources on credit card features. Can Learn This site has information about student loans, grants, and scholarships from the Government of Canada. Canadian Mortgage and Housing Corporation This website has information about housing and mortgage insurance in Canada. TD Personal Loan Calculator This calculator helps you figure out a repayment schedule for a loan based on the loan balance, interest rate, and length of the loan. MasterCard This website provides cardholder information and resources for understanding credit card terms and conditions. Visa This site provides cardholder information and resources for understanding credit card terms and conditions.

10 HANDOUT 6-7 Glossary Annual fee: A fee charged once a year by many credit card companies Collateral: Items of value that are promised to the lender in the event the borrower does not repay the credit; acts as a form of security for the loan; may be seized and sold if the repayment agreement is not followed Credit: The ability to borrow money or receive items or services now while paying for them later Credit card: A card issued by a financial that lets you buy things and pay for them later The credit card company pays the seller. You repay the credit card company monthly Creditor: A person or company that lends money or sells you goods that you pay for later Debt: Money that you owe Grace period: The amount of time you have to pay a credit card balance before you are charged interest Interest: The amount paid by a borrower to a lender for the use of money Line of credit: A type of pre-approved loan that allows you to borrow money when you need it, up to a maximum amount Loan: Money that you have borrowed and have to repay on a set schedule, with interest Mortgage: A loan to buy property. If the loan is not repaid on time, the lender can take possession of the property Overdraft: A shortage in a bank account caused by taking out more money than you had in the account. Banks will sometimes allow good customers to make overdrafts for a short time, but they charge fees and interest for the service Payday loan: A small, short-term loan from a lender with high interest rates Prepaid card: A card you pay cash for in advance. The balance goes down as you make purchases or withdrawals Principal: The money invested or loaned, not counting the interest Secured - A loan with collateral attached to it as a form of security, the collateral (i.e. house) may be seized if the repayment agreement is not followed Unsecured - A load issued and supported only by your credit worthisess, rather than collateral. You must have good credit. Typically higher interest rates than secured loans. 6 Contents

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