Bank Manager or Financial planner?

[lippeyloc]

this is for an economics project...

1. What are the implications of having either a positive or negative credit history? (Ask for specific examples.)

2. What would constitute a responsible use of credit?

3. What are three (or more) inappropriate uses of credit?

4. When selecting a credit card, what factors should one consider?

[factor-fiction]

What qualification are you studying for? Do you really have no ideas of your own on this? If you give it some thought and draft some answers someone may comment on them for you. You'll learn more that way.

[factor-fiction]

If you really can't think where to start then a few seconds on the web should throw up sites like this :
http://credit.about.com/od/credit101/tp/credit essentials.htm

[lippeyloc]

I am supposed to interview someone....

[Liam99]

Hopes this helps with part 4.

Credit Card
a)Interest rate
b) Charges for cash withdrawals
c) Where will it be accepted
d) When does interest start to be applied
e) Penalty fees
f) Are there any annual fees
g) If I have a problem, who do I contact
h) Any other benefits included like internet protection
i) Is there a charge for transferring other balances into this card.
j) Can I see my balance and transactions online?
k) List of all charges
l) Can I have an additional card for my partner?
m) Is there an introductory offer
n) Can I pay off my card balance in full automatically from my current account.
o) How much am I liable for if my card is stolen
p) How many cash machines accept the card without additional charges
q) Do I like what the company stands for?
r) Does the card offer a reward scheme for using it eg airmiles?

Good luck.

[Liam99]

2. Responsible use of credit. Hope I'm on the right track.

To pay for something that would appreciate in value more than the cost of the loan. eg House.

To buy something you need ( not just want) now that you can afford to repay.

To pay back over a period that is in line with the loan eg. Holiday should only be 1 year not 5 years.

To only commit to what you can afford to repay and be reasonable confident that you income will remain at current level or increase. There's no point borrowing against next year's bonus if you don't know you will get it or not.

Good luck.