Coronet Instructional Films (a division of Esquire Inc.) presents Banks and Credit. Educational collaborator James Harvey Dodd, PhD., Professor of Economics and Business Administration, Mary Washington College at University of Virginia
I love these old films, things explained clearly and simply. Wow, that 'adding machine' the woman has to bring accounts up to date, reflecting transactions, that is a complex machine!
I know. I remember being in high school and had my first part-time job. Opening my checking and savings account, balancing it and having the book updated every time I deposited into savings. It was like gold to me. I still balance my checkbook!
There is a lot of good information in this video. Many people do not understand how much it costs them in the long run by paying only the minimum payment required on credit cards. I erased over 2000.00 of debt by paying double (and sometimes triple) the minimum payment. My debt is not a lot lower.
I have a better system still. My credit card is configured to be paid in full automatically each month. The way it works is that each transaction is paid off between 4 and 8 weeks, depending when it falls. The credit card costs me nothing like this, I've never paid any interest in the 25 years I've had it.
Wow, I never knew this much about banks as I was raised to never spend more than you made and that means no credit cards or credit from other places. I have yet to obtain any credit and I'm in my mid 30's. I'm doing well by only buying what I can afford.
Do you own a home? My home costs less than rent (mortgage, interest, tax and insurance) and as a result I am saving money by borrowing it. I also have several credit cards with 10’s of thousands of available credit, and I get cash back by using them and pay nothing extra because I pay them off each month. But feel free to continue to throw away your money.
People today believe you need a fico score to purchase property and finance cars... this is how this country works. People believe what they're told. Instead of finding the truth.
John P Oh, okay, that makes sense. I’ll be the first to admit that finance is not my strong suit. I really do appreciate your very well stated explanation. Thx John P.
To hell with helping the banks. I have no accounts or loans or credit cards. I pay cash or do without. Everyone should try to do this as much as possible.
