Module 4: Managing Debt and Saving

when you spend more money than you have in your bank account

A bank card that lets you borrow money to pay for things. You must repay what you spend, and if you don’t pay the full amount by the due date, you’ll be charged interest.

A number that shows how reliable you are at repaying money you’ve borrowed. Lenders use it to decide if they will give you credit, like a loan or a phone contract.

Money you owe to someone else, like a bank, company, or person. It usually needs to be paid back over time, often with extra charges called interest.

Setting aside money to use in the future, rather than spending it now. It helps you prepare for emergencies, big purchases, or future goals.