Understanding Credit

Overview

Credit is essentially borrowed money. When you use a credit card or take out a loan, you are agreeing that you will borrow money now and pay it back later.

In addition to helping you make larger purchases, you need to use credit in order to build up a credit history.

In order to establish a good credit history, you'll need to make sure to pay your rent and bills on time, and ...

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Overview

Credit is essentially borrowed money. When you use a credit card or take out a loan, you are agreeing that you will borrow money now and pay it back later.

In addition to helping you make larger purchases, you need to use credit in order to build up a credit history.

In order to establish a good credit history, you'll need to make sure to pay your rent and bills on time, and keep your debts low. Paying off your debts is the best way to maintain good credit.

If you have poor credit, you'll have a harder time borrowing money.

Having poor credit can limit the choices you can make in your life.

Learn all this and more in Understanding Credit.

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Editorial Reviews

Children's Literature - Jean Boreen
This text is part of a series specifically focused on introducing young adults to issues related to the world of money. This particular text, focused on understanding credit, should be extremely helpful to teens. Containing twenty-four well-detailed chapters, this text starts by defining and discussing the different types of credit available, follows up with specific information on car and student loans, then goes into more detail on credit cards, mortgages and other loans. The focus then moves toward helping young adults consider the different ways to develop a credit history as well as understanding what having a credit score means. Topics connected to protecting one's credit, identity theft, bad credit, and credit stress are also found. Yellow "Did You Know?" signs throughout the text provide additional information on websites where you can get copies of your credit report as well as entities that can help when there are errors to one's credit card billing statements, and so on. The "Further Reading" and "Find Out More on the Internet" sections provide additional useful information for teens wanting to learn more about establishing good credit. This book, and the "Junior Library of Money" series in general, provides an interesting look at issues related to finances and money that should interest young adults. Reviewer: Jean Boreen, Ph.D.
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Product Details

  • ISBN-13: 9781422217726
  • Publisher: Mason Crest Publishers
  • Publication date: 9/28/2010
  • Series: Junior Library of Money Series
  • Pages: 64
  • Age range: 12 - 15 Years
  • Lexile: 1250L (what's this?)
  • Product dimensions: 7.40 (w) x 9.30 (h) x 0.40 (d)

Table of Contents

Introduction 6

What Is Credit? 8

Why Do You Need Credit? 10

Different Kinds of Credit 12

Car Loans 14

Student Loans 16

Credit Cards 18

Mortgages 20

Other Loans 22

Good, Bad, & Nonexistent Credit 24

Building Good Credit 26

A Nontraditional Credit History 28

Managing Your Credit 30

What's a Credit Report? 32

What's a Credit Score? 34

Check it Out 36

What if There's a Mistake? 38

Why Does it Matter? 40

Protecting Your Credit: Paying Your Bills 42

Protecting Your Credit: Budgeting 44

What's Identity Theft? 46

The Dangers of Credit 48

What if You Have Bad Credit? 50

Raising Your Credit Score 52

Living Without Credit Stress 54

Here's What You Need to Remember 57

Words You Need to Know 58

Further Reading 60

Find Out More on the Internet 61

Index 62

Photo Credits 63

About the Author and Consultant 64

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