Credit Unit Comic
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- What’s wrong? You’ve been on that computer all day! 2
- Ugh! I’m having so much trouble trying to figure out what this all means! 1
- My parents said they would add me as an authorized user on their Credit Card if I learned about the intricacies of credit, but I’m so lost!
- Exactly! I have no idea what to do or where to start! 2
- What’s “revolving credit?” 1
- What’s this right here?
- Where are we?
- Arghh! We be hearing that you were looking to learn more about credit?
- Ye be in the right place! Us pirates are credit experts. 1
- Yes! Please help us! Tell us all about credit! 2
- Essentially, Credit is money you borrow from a lender, and the debt you owe gets repaid at a later date.
- My parents told me that there are two types of credit? What are they?
- You can take out an Installment Loan on things like a House, Car, or a Pirate ship like this one! 2
- Well matey, there are Installment Loans, which are used for specific purchases, for a specific amount of money on one day, then paid off over time. 1
- Then there’s Revolving Credit, where yeare extended a line of credit to make purchases over time, pay for them, then make more purchases. 1
- This would be like a Credit Card. 2
- Well, how do Credit Cards work?
- When you use a credit card, your purchase information is sent to the bank where it gets put on a statement. At the end of each billing cycle, you get sent your balance, which is how much booty ye owe to the bank.
- There is a minimum balance you need to pay each month, but money left unpaid will procure interest over time. 1
- That’s what makes a credit card like a loan, the interest you pay over time before you pay it all off. 2
- That seems like a lot of information, but what’s the best way to use a Credit Card?
- While credit cards have interest, if you pay back your balance in full each month, you won’t have to pay any interest on your purchases.
- BUT, if you can’t make your payment in full, paying more than the minimum will decrease the amount of interest on your balance. SQUAWK
- Staying under your credit limit is also smart--That’s the maximum amount you are allowed to spend each period. Staying under 30% is a smart move.
- Keeping track of your expenses and staying on top of your payments will allow you to pay off big expenses over time without becoming buried like treasure in credit card debt!
- guys what's that down there?! It looks like...
- WHAT?!
- A SHARK!
- Hehe. Don't scream, I can help you like no one else can...
- How so?
- Yeah, what good are you?
- Ever heard of the FAC?
- No?
- Good. They are evil and restrict how I can help you. See, without them involved I can get you the money you need quickly and easily. I can offer you a Payday Loan....Of course you will owe me a lot more, due to terrible interest rates... and I will probably ruin the rest of your life because of how I take advantage of when you are desperate and vulnerable.
- That sounds great!
- Yeah! i could use some quick booty...
- You mentioned it earlier, what is the FAC?
- Oh, it's nothi-
- We are the FAC! The Financial Conduct Authority (of dolphins) Don't listen to this Loan Shark! He isn't your friend, he's a criminal!
- Legitimate lenders are regulated by us Dolphins and any legit credit distributor will have a license number that you can check on their treasure map!
- HE ISN'T REGULATED! dealing with him will only lead you down to the bottom of the ocean! Both literally and financially.
- Guys? Team meeting.
- what's up?
- Who should we trust?
- I say we go with the dolphins, they seem upfront and like the safer option.
- I don't know, I like getting my booty when i need it.
- Let's look at the facts, the shark wants to just... give us money, and the dolphin is a Government Agency that will make sure we don't cripple ourselves financially.
- A FEW MOMENTS LATER...
- Looks like you kids got yourself into some trouble! Good job avoiding those nasty Payday Loans!
- We have more to teach you! We can't forget about Amortization.
- What’s amortization?
- Argh! Great question! Amortization means paying off a debt over time in equal installments!
- So it basically means, how you pay off the debt…?
- Right on matey!
- Amortization is mostly associated with home mortgages, auto loans, and student loans, all of which are paid off with amortized loans.
- What's an amortized loan?
- An amortized loan is a type of loan that requires the borrower to make scheduled, periodic payments that are applied to both the principal and interest.
- A fully amortized payment for the loan is split into two components, The loan term and the interest.
- How do we pay off an amortized loan?
- Nice one Matey! An amortized loan payment first pays off the interest expense for the period; any remaining amount is put towards reducing the principal amount.
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