Segments in this Video

Introduction to Credit (01:41)

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The use of credit can have a huge multiplier effect on the economy. Before a person starts using credit, it is important to get educated on the pros and cons of credit and debt.

Credit Cards: Pros & Cons (03:57)

Credit cards come with terms, rates, and loopholes. A signed credit card agreement is a legal contract. There are a variety credit card types. Secured and unsecured credit cards are explained.

Credit Cards and Statements (02:42)

Common credit card terms include finance charge, APR, transfer fee, default fee, cash advance fee, and late fees. Credit card statements include payment information, account summary, credit limit, and more.

Credit Reports and Scores (05:51)

Experian, Equifax, or TransUnion collect financial data from financial institutions. Data is compiled into reports and made available to other financial institutions. Credit scores (FICO) are derived from credit reports.

Common Consumer Loans: Car Loan (04:06)

Prior to seeking a loan, consumers must get their credit reports and credit score. Poor scores can be improved over time. Shop around for the most favorable loan. Online loan calculators are useful. Always put 20% down.

Common Consumer Loans: Mortgage and Other Loans (06:24)

Mortgages are secured loans. Check credit report before loan shipping. Fixed and adjustable rate mortgages are illustrated. Other loans include home equity loans, payday loans, and student loans. Terms of any loan are clearly spelled out and must be under

Credit Problems (04:25)

Some of the warning signs of credit problems are 1) difficulty paying bills on time, 2) at or above credit limits, 3) credit has been denied, and more. A series of small steps that can alleviate credit problems are explained. Bankruptcy is a last resort

Managing Debt (04:42)

Consumers must control and manage their debt. The first step is to prepare a budget and chart a course to become debt free. Prioritize debt and seek additional income. Get help to learn how to manage debt responsibly.

Credits: Credit, Borrowing, and Debt (01:08)

Credits: Credit, Borrowing, and Debt

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Credit, Borrowing, and Debt

Part of the Series : Personal Finance Essentials: Financial Literacy for Young Earners
DVD (Chaptered) Price: $99.95
DVD + 3-Year Streaming Price: $149.93
3-Year Streaming Price: $99.95

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Description

Recognizing that students may have hazy notions about the consequences of overspending, this program provides practical information on credit card use, credit reports, credit problems, and managing debt. Viewers learn how to build a credit history and raise a low credit score—and why this is important. Taking a look at a sample credit card statement, the video explains the various fees, charges, and rates, and cautions against relying on cash advances. Mortgages, home equity loans, and the more costly “alternative” loans are covered as well. The program closes with strategies for getting and staying out of debt. Highlights include applying for a car loan, a checklist of warning signs of financial irresponsibility, and ways to fix credit problems. A viewable/printable instructor’s guide is available online. A Meridian Production. Part of the series Personal Finance Essentials. (37 minutes)

Length: 36 minutes

Item#: BVL43784

ISBN: 978-1-61733-951-6

Copyright date: ©2011

Closed Captioned

Reviews & Awards

“Offers solid information and advice....Recommended.”  Video Librarian

 

“A nicely paced primer on concepts and terminology in personal finance, as well as providing a healthy dose of advice and guidance in terms of spending, goal setting, personal conduct, and financial strategies....The content is extremely well organized and the chapter navigation serves the learner beautifully. The explanations of financial terms and concepts are done exceptionally well, with practical examples and limited use of advanced jargon. Highly recommended.”  Educational Media Reviews Online

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