Eddie just landed his first job out of college, and he’s excited about the position. However, Eddie needs to be dressed up every day and has no appropriate clothes right now. Eddie figures it will cost about $1250 to start a professional wardrobe.
OPTION 1: Open a 0% (for the first 6 months) credit card
PROS
CONS
What questions should Eddie ask before deciding on this option?
OPTION 2: Use $1250 of the $1500 he has saved in an Emergency Fund
PROS
CONS
What questions should Eddie ask before deciding on this option?
OPTION 3: Get a loan from Lending Club at an APR of 24.99%
PROS
CONS
What questions should Eddie ask before deciding on this option?
Selena is about to enter her senior year of college, when all of a sudden she realizes her school raised the tuition cost, and she’s short $6600 in her financial aid package.
OPTION 1: Charge the payments on the joint credit card account she shares with her mom, at a 14.99% APR
PROS
CONS
What questions should Selena ask before deciding on this option?
OPTION 2: Apply for a Federal Student Loan to cover the cost
PROS
CONS
What questions should Selena ask before deciding on this option?
OPTION 3: Get a private college loan from her bank, Wells Fargo, which is currently offering fixed rates between 5.94% and 10.92%
PROS
CONS
What questions should Selena ask before deciding on this option?
Why is it important to assess various credit options before making a decision on how to pay for items?
Answers: 2
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Eddie just landed his first job out of college, and he’s excited about the position. However, Eddie...
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