HUSC 3366 Chapter 5 Consumer Credit

Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object]

Lesson 1 What is consumer credit?

What is Consumer Credit? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-2

Use and Misuse of Credit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-3

Advantages of Credit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-4

Advantages of Credit ,[object Object],[object Object],[object Object],[object Object],6-5 (continued)

Disadvantages of Consumer Credit ,[object Object],[object Object],[object Object],[object Object],[object Object],6-6

Types of Credit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-8

Sources of Consumer Credit-See Exhibit 5-3 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-2

Credit Cards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-9

Choosing and Using a Credit Card ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-8

Measuring Your Credit Capacity ,[object Object],[object Object],[object Object],6-12

General Rules of Credit Capacity * Not including house payment which is a long-term liability Debt Payments-to-Income Ratio 6-13 Consumer credit payments should not exceed a max of 20% of your net income. monthly payments * net monthly income

General Rules of Credit Capacity Debt To Equity Ratio total liabilities net worth * = Should be < 1 *Excluding home value 6-14 (Continued)

What Creditors Look For: 5 Cs ,[object Object],[object Object],[object Object],[object Object],[object Object],6-20

What If You are Denied Credit? Exhibit 5-6 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-19

Build and Maintain Your Credit Rating ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-17

The Cost of Credit ,[object Object],[object Object],[object Object],[object Object],7-3

Example 1: Calculating Annual Percentage Rate (APR) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],= = = =

Example 2 : Calculating Annual Percentage Rate (APR) ,[object Object],[object Object],[object Object],[object Object],= = = =

Trade-Offs of Financing Choices ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-4

Calculating the Cost of Credit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-5

Cost of Open-End Credit ,[object Object],[object Object],[object Object],[object Object],7-6

Cost of Open-End Credit ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-7 (continued)

Lesson 6 Protecting Your Credit

What if Your Identity is Stolen? ,[object Object],[object Object],[object Object],[object Object],6-23

How to Protect Yourself From Identity Theft ,[object Object],[object Object],[object Object],[object Object],6-7

Protecting Yourself Against Credit Card Fraud ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-10

When You Make Purchases Online ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-11

Cosigning a Loan ,[object Object],[object Object],[object Object],[object Object],6-15

Cosigning a Loan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-16 (continued)

Lesson 7 Complaining About Consumer Credit

Complaining About Consumer Credit ,[object Object],[object Object],[object Object],6-24

Alternative Counseling Services ,[object Object],[object Object],[object Object],[object Object],7-14

Fair Credit Reporting Act ,[object Object],[object Object],[object Object],[object Object],[object Object],6-18

Avoiding and Correcting Credit Mistakes ,[object Object],[object Object],[object Object],[object Object],[object Object],Fair Credit Billing Act 6-21

Avoiding and Correcting Credit Mistakes ,[object Object],Fair Credit Billing Act (continued) 6-22

Truth In Lending Rights ,[object Object],[object Object],[object Object],[object Object],6-25 The Truth In Lending Act requires creditors to provide you with accurate and complete credit costs and terms.

Fair Debt Collection Practices Act ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Collection agencies... 6-26

Protection Under Other Consumer Credit Laws ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],6-27

Reasons for Indebtedness ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-10

Managing Your Debts ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-9

Warning Signs of Debt Problems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-12 (continued)

Warning Signs of Debt Problems ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-11

Consumer Credit Counseling Services ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-13

Declaring Personal Bankruptcy ,[object Object],[object Object],7-15

Bankruptcy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-16

After Chapter 7 You May No Longer Owe... ,[object Object],[object Object],[object Object],[object Object],7-17

After Bankruptcy You Still May Owe... ,[object Object],[object Object],[object Object],[object Object]

Chapter 13 Bankruptcy ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],7-18

Credit Card Activity ,[object Object],[object Object],6-30

HUSC 3366 Chapter 5 Consumer Credit

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