Transcript Wheel Deals & Credit Card Spiels

Wheel Deals & Credit
Card Spiels
Presented by the Department of
Financial Services
…Think before you Sign
Credit Cards and Loans
• Your Signature could last a life
time.
• What you do now will shape your
future financial status
Most Common
Purchases on Credit
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Clothing
Automobiles
Electronics
Furniture/Appliances
Homes, Apartments
Education
Fun (vacations, trips, stuff)
Credit Sources
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Banks
Credit Unions
Finance Companies
Credit card companies
Pawn Shops, Title Loans, Payday
Loans, Check Holders, Loan
Sharks, etc.
Interest Rates
• An additional charge to you for
the use of their money for an
specified length of time.
• Usually expressed as the APR
– annual percentage rate-
Buying a Car
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Needs VS Wants
New or Used
Method of payment, cash or finance.
Reputable, licensed dealership.
Accurate/fair pricing.
Warranty or “as is”.
Interest rates, Insurance costs,
maintenance/gasoline costs.
• Can you pay for it ??? – Live with it?
Getting the best deal….
• Check prices
• Check maintenance/repair
reports
• Down payment
• Mechanical check
• Do not fall in love (or at least,
don’t show it)
… best deal
• Do not buy on impulse
• Do not sign any papers with
blank spaces, not fully
completed
• Get them to explain the
payment schedule
• Ask for the opinion of someone
you trust
• Be ready to “walk away”
… best deal
• Get all warranties in writing
• Do not drive away just yet…(onthe-spot financing)
• Tag and registration
• Other hidden costs
…and you thought it was easy
Credit Cards
• Find out about the interest, not
only how much but how is it
charged.
• Is there an annual membership
fee ?
• Don’t use for unplanned
purchases unless they are
emergencies.
… Credit Cards
• Don’t lend it to a friend.
• Pay off the balance as soon as
possible.
• Don’t have more than one.
• Check/verify all charges when
the statement comes in.
• Immediately notify the company
of any inaccurate information.
Other safeguards/tips…
• Do not give any of your personal
information to anyone you do
not know.
• Destroy all unsolicited
correspondence, especially
“pre-approved” credit offers.
• Shred all receipts and
statements before discarding.
• If your card is lost or stolen….
…. Tips.
• Do I need “charge protection”
insurance?
• How about transferring my
balance to a lower interest
card?
• They are not “all created equal”.
• Do your homework. Know your
rights as a consumer. Know who
to call.
Important Numbers
• Consumer Hotline
1-800-848-3792
Questions ? ? ?
Thank You for your attendance, we
hope this presentation was useful
and that it may help in handling
and protecting your finances.
State of Florida
Department of
Financial Services