Do you know the difference between a charge card vs. a credit card?

If you have a charge card pay you must pay it in full at the end of the month – you do not have a credit line or a credit limit.

A credit card offers a credit limit and an extended time frame to pay each month. Know the interest rate for your credit card use and cash advances.

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A licensed driver must know the rules of the road…A credit cardholder needs to follow simply rules.

Let’s explore the simple rules for using a credit card

• Avoid the minimum payment
• Don’t sign up for every credit card offer (you only need 2 or 3 credit cards)
• Understand how your credit card works (cycle end dates, late fees, interest rates)
• Pay you credit card bill on time (never miss a payment)
• Pay you credit card bill in full if possible
• Keep your balance low
• Monitor your spending each month
• Earn rewards (cash rewards can be used toward the balance, or deposit in your bank account)
• Don’t use your credit card to pay household bills, cars, student loans, retail therapy, medical bills, a night on the town, big ticket items such furniture or appliances, items on sale, unsecured purchases, cc payments.
• Report a lost or stolen credit card immediately

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Your Credit

Is part of your financial power!

Credit is a tool to help you to get the things you need

and qualify for loans when you need them.

Have you reviewed your credit report? Visit www.annualcreditreport.com

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Financial Survival

During COVID-19

Thursday, April 16, 2020

7:00pm – 8:00pm

Virtual session in Zoom, computer, phone or tablet required

Lost hours at work and have more with less? Don’t have a monthly budget?

Need help coping financially during COVID-19

This class is for you!

Email info@FECcoso.org or call (703) 704-6101

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Virtual Class

How To Start Your New Business

Part One: The Business Plan

Thursday, April 9, 2020

6:00pm-7:30pm

Learn successful strategies to avoid early failure and ensure stability and growth!

           Register at FECSoCo.org or call (703) 704-6101

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Coping Financially During COVID-19

Tips, Strategies, and Tools

Tuesday, April 7, 2020

2:00pm – 3:00pm

• Updates on expanded services
• Financial assistance/relief by Fairfax County, Virginia and Federal governments.
• Budgeting tips and tools in time of crisis
• Tips and strategies when dealing with lenders and creditors
• To register by email: info@fecsoco.org
• Or call (703) 704-6101 for upcoming training sessions or visit FECSoCo.org 

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Rent is due this week for many Americans for the first time since the coronavirus outbreak erupted across the U.S. People across the country have been urging federal, state and local governments to institute a 120-day eviction moratorium as a record 3.3 million Americans have filed for unemployment in a crisis that could lead to nearly 50 million people losing their jobs. Virginians can apply for unemployment insurance through the Virginia Employment Commission – the one week waiting period has been waived. APPLY NOW!

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April is Financial Literacy Month, and this year it could not come at a more difficult time. The spread of the coronavirus has led parts of the country into a lockdown, skidded economic activity to a near halt, and overwhelmed hospitals with an every-growing inflow of patients. Although it may feel like a perfect storm, we also need to remember that it is during a storm that sailing lessons prove their worth. And by sailing lessons, I mean the skills that come form financial literacy.

3 Ways to make Financial Literacy Month count during the coronavirus.

1. We must share information about the coronavirus financial relief and stimulus programs out to those who need it. Will I get my stimulus check?
2. We should push for mandatory personal finance education in schools and (churches) starting next year.
3. Every household also needs emergency savings to help navigate turbulent times

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Would you like to improve your personal finances?

Try online financial literacy training!  Invest in YOU!

Your path to financial freedom, simplified. Sign-up for the 8-week learning course to financial literacy. Plus get tips on managing your money during times of crisis, delivered to your inbox. Visit: https://www.cnbc.com/money101/

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What is financial literacy? Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it. How s/he invests it and how that person donates it to help others.

During financially literacy month April 2020 we want to promote healthy financial habits for living in this uncertain financial climate.

1. BUDGET, budget, budget – renew, revise and update your current budget to adjust to your new income and prioritize your goals
2. REQUEST YOUR FREE CREDIT REPORT – many of us have more time to review your credit report – www.annualcreditreport.com
3. REVIEW YOUR FREE CREDIT REPORT for errors – report those errors asap.
4. You can do everything online.

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