4.2.12 Summary of key messages
- 4.2.1 How credit works
- 4.2.2 Credit options
- 4.2.3 The cost of borrowing
- 4.2.4 The effect of interest
- 4.2.5 The cost of different types of credit
- 4.2.6 Case study: Deferred payment plan
- 4.2.7 Payday loans
- 4.2.8 Tips to keep borrowing costs down
- 4.2.9 Joint borrowing
- 4.2.10 Rights and responsibilities
- 4.2.11 What to know before you sign a loan agreement
- 4.2.12 Summary of key messages
- When you borrow money, you must repay the loan in full and on time.
- There are many types of credit, with different costs, features, advantages and disadvantages. Learn about the various options before you borrow.
- Before you borrow, make sure you know the full cost of the loan, including the interest you will pay and any fees or penalties.
- Shop around for the lowest interest rate, and negotiate rates where possible.
- When you compare the costs of different types of credit, compare the annual percentage rate (APR), not just the advertised interest rate.
- Being a smart consumer can help you keep down the costs of borrowing.
At the end of the module, you will find an Action plan. This is a tool that you can use to track your progress and take the next steps to manage credit successfully in the future. Use the action plan as a roadmap for financial action!
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