YOU BUY A PAIR OF SNEAKERS FOR $100 ON YOUR DEBIT CARD...
You only have $99 in your account.
The bank might "lend" you the $1 but then charge up to $40 in overdraft fees.
Your $100 pair of shoes suddenly cost $140.
BE AWARE OF YOUR BALANCE.
YOU WANT TO BUY A SODA BUT ARE SHORT ON CASH...
You go to the ATM and withdraw $10.
The ATM isn't affiliated with your bank so it charges a $2.50 fee for the withdrawal and your bank charges a $2 fee for an out-of-network transaction.
Your $1.50 soda just cost you $6.
DECIDE IF IT'S WORTH IT.
YOU GET PAID $210 EVERY OTHER WEEK...
You don't have a bank account.
You go to a check cashing store.
You walk away with $199.50.
You're working three hours ($21) every month just to cash your check.
OPEN A BANK ACCOUNT.
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YOU'RE DYING FOR A NEW GAME CONSOLE...
You don't think you can save $350 fast enough.
You buy it on a store purchase plan.
You pay the minimum of $10 a month at 18% interest.
It takes you more than 4 years to get rid of the debt.
In that time, you pay $150 in interest -- and that 4-year-old console cost you $500.
YOU USE YOUR CREDIT CARD AT THE STORE. "CASH BACK?" POPS UP...
You hit $20 to save a trip to the bank.
Instantly you start paying up to 25% interest and probably some fees.
That $20 could cost you double or more.
THINK BEFORE YOU SPEND.
YOU PAY YOUR CREDIT CARD BILL LATE OR MISS PAYMENTS...
Your credit score goes down.
If you have bad credit and you go to get a cell phone, an apartment or in some cases even a job, you may be turned down.
PAY YOUR BILLS ON TIME.
YOU GET A CAR LOAN FOR $15,000, AND YOUR CAR PAYMENT IS $227 A MONTH.
But that's not all you'll pay.
Your total annual cost for owning and driving that car is $404 a month.
KNOW THE TOTAL COST.
- Gas and oil: $750
- Maintenance and repairs: $143 -- if your car is in pretty good shape
- Registration and taxes (depending on your state): $250
- Insurance: $976 (depending on the type of car, your gender, etc.)