Not sure it covers all the topics you mention but here are some options (no pun intended)qspeechc said:Hello everyone.
I'm looking for a book that covers very basic finance stuff, e.g. loans, credit cards, annuities, etc., something on basic accounting like balance sheet would be nice too.
Cheers
Yes, as I said, it probably does not cover all your topics. Also, yes, it is applicable to USA only (although the principles should apply nonetheless).qspeechc said:Thanks. That looks like business finance, which is half of what I'm looking for. I'd also like stuff on personal finance, like taking out loans, repayments, how credit cards work, etc.
Also, is this stuff specific to the USA, or is it applicable everywhere, because I'm a South African.
Cheers.
A loan is a sum of money that is borrowed and must be repaid with interest, typically in installments over a set period of time. A credit card is a line of credit that allows you to borrow money up to a certain limit and make purchases with the card. Unlike a loan, you can choose to pay off your credit card balance in full or make minimum payments each month.
Interest rates for loans and credit cards are determined by the lender or credit card company based on factors such as credit score, income, and the type of loan or card. Loans typically have fixed interest rates, meaning the rate stays the same throughout the repayment period. Credit cards, on the other hand, can have variable interest rates that can change based on the market or your credit score. It's important to pay attention to interest rates when borrowing money to ensure you are getting the best deal.
A credit score is a number that represents your creditworthiness based on your credit history. It is used by lenders to determine if you are a reliable borrower and can impact the interest rates you are offered. A higher credit score indicates a lower risk to lenders, while a lower credit score may result in higher interest rates or being denied credit altogether.
A secured loan is backed by collateral, such as a car or house, which the lender can repossess if the borrower fails to repay the loan. This lowers the risk for the lender and typically results in lower interest rates for the borrower. An unsecured loan does not require collateral, but may have higher interest rates as the lender takes on more risk.
To improve your credit score, you can take steps such as paying bills on time, keeping credit card balances low, and only opening new credit accounts when necessary. It is also important to regularly check your credit report for any errors or fraudulent activity. It may take time, but consistently practicing good credit habits can help improve your credit score over time.