When you carry a balance on your credit card, it accrues interest and other finance charges.
You buy something then return it
You don't pay off your entire balance
You make a purchase
You don't use your card for more than a month
The prices of goods increase with inflation, meaning you can buy less with the same dollar. Example: A candy bar used to cost $0.50, so you could get 2 for a dollar. Now they are $1.00 each, so your dollar can only buy 1
Means the prices of goods and services will stay the same
Lowers prices of goods and services
Is taken into account when calculating any country's GNP
Decreases the real value of money
You have a liability when you owe money to someone else. If you have a credit card balance, you owe the credit card company money and therefore have a liability.
The house you own
A credit card balance
A financial inheritance
A non-discretionary expense is an expense that is essential. Since food is essential to live, it is a non-discretionary expense
New computer game
All of the above
Your net worth is your total assets minus your total liabilities
You decrease your debt-to-income ratio by paying down your debts and/or increasing your income. Adding more debt increases your debt-to-income ratio. Moving debt around (taking out a new loan to pay off old debt) keeps your ratio the same.
Increase your income
Take out a loan to pay off your debt
Decrease your debt
Successful budgeting is not reliant upon the amount of income. Successful budgeting just required setting realistic goals and sticking to it.
Leaving discretionary spending habits unmonitored
Reviewing your budget every few years
Setting a realistic budget and sticking to it
Having a lot of money to work with
Because they are living on a fixed income, they will not make more as the cost of goods and services increases and will struggle more.
Older working couples saving for retirement
Young working couples who have children
Young working couples with no children
Older couples living on a fixed income
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