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Watch the video discussing the differences between debit and credit cards
https://edpuzzle.com/media/5c1967b97b0b7f404c1c5edd
Explain the differences between debit and credit. Name one advantage and one disadvantage of each.
The product you purchased, such as a car, appliance or furniture, serves as collateral to guarantee the debt. If you do not make a payment, the creditor can legally take possession of the product.
Unsecured credit is based on your promise and signature to repay the debt without committing your savings or other collateral as a guarantee. Credit cards can be either secured or unsecured. Most credit cards are unsecured.
On the google doc
Explain the difference between secured and unsecured credit. Give an example of each.
https://www.youtube.com/watch?v=cRA3nVHsY0M
What was the most important thing to remember according to the video?
List other fees that can be added to your credit card bill.
Average Daily Balance Method
This is the most commonly used method. You are given credit for your payment from the day the credit card issuer receives it and the interest is calculated on the basis of the average amount owed during the previous month.
Adjusted Balance Method
This method is the most beneficial to the consumer and produces the lowest finance charges. The balance is calculated by subtracting the payments and any credits from the balance you owe at the end of the previous billing period.
Previous Balance Method:
This is the most expensive method. The finance charge is calculated on the balance owed at the end of the previous billing cycle. Payments, credits and new purchases made in the current billing cycle are not included.
What method of calculating finance charge is the most expensive?