Identity Theft, Consumer Rights, and Financial Contracts
Learn about identity theft, consumer rights, and ways to protect yourself from fraud. Understand the importance of financial contracts, grace periods, and methods of interest calculation to make informed decisions in the digital age.
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Presentation Transcript
Identity Theft & Consumer Protection
Consumer Rights & Responsibilities RIGHTS RESPONSIBILITIES To Safety To Use Products Safely To Be Informed To Seek Information and Use it to make Decisions To Choose To Choose Goods and Services Carefully To Be Heard To Speak Up and Let Likes and Dislikes Be Known Consumer Bill of Rights (State of the Union Address of 1962, President John F. Kennedy) Source: Thomson South-Western, Economic Education for Consumers; USOE Adult Roles & Responsibilities
Identity Theft True-name Fraud Someone wrongfully acquires and uses a consumer s personal identification, credit, or account information without your permission. This information may include: Social Security Numbers Name Address Date of Birth Mother s Maiden Name Passwords PINs
Ways to Avoid Identity Theft Monitor your credit report. Don t give out personal information to unknown people or companies. Protect your credit and debit cards. Protect your mailbox. Protect your wallet. Use passwords and PINs that cannot be easily guessed. Use anti-virus software on your computer. Notify your bank when you change your address or phone number.
Understanding Financial Contracts Disclosure Information Provides full information about a financial institution s policies, such as electronic funds transfer policies, lending policies, interest crediting, and compliance with banking regulations. These statements are required by law.
Grace Period The time between the billing date and the payment due date when no interest is charged. Late Payment Penalties Late Fees Finance Charges Increased Interest Rate
Method of Interest Calculation Average daily balance excluding new purchases Average daily balance including new purchases with a grace period Average daily balance including new purchases with no grace period Two-cycle average daily balance including new purchases
Tips To Help Dump Debt Write it down Make a list of how much money you owe and the interest rate. Start the snowball rolling Pick the debt with the highest interest rate and put extra cash toward that balance. Negotiate a repayment schedule. Cut it out Select an activity and stop it for a month or two, put it toward the debt. Or, sell assets. Don t forget to save Start saving, even if it s a small amount every week. Source: NEFE
Quote Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders, and whenever you get in its way or cross its course or fail to meet its demands it crushes you. ~ J. Ruben Clark
