Understanding Debt, Credit, and Consumer Rights
Explore the world of debt and credit, from credit card debt to student loans and mortgages. Discover the impact of outstanding money owed by consumers and the prevalence of credit cards. Learn valuable tips about purchasing a car, including your rights as a buyer and how to protect yourself under lemon laws. Delve into the concepts of interest, credit purchases, and credit scores, essential for navigating the financial landscape.
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Outstanding money owed by consumers Examples Credit Card Debt Student Loans Mortgages
Americans Love Debt At the end of 2010, Americans had $1,117,000,000 in CREDIT CARD DEBT Anyone Can Get a Credit Card Only have to be 18 years old
You will have debt Student loans Car loans Home loans CREDIT CARDS ARE EVERYWHERE In the mail At stores Best Buy, Macy s, Nordstrom On college campuses
Time to Buy a Car What Rights Do You Have as a Buyer? What is Good For You Is NOT Good For Them Watch Out For Sleezy Car Salesmen
Ask whether the car has a warranty or is sold as-is Ask for all promises in writing Ask for the car to be inspected by an independent mechanic before you buy LEMON LAW PROTECTION State and Federal Law Remedy if seller lies
Interest The money paid by the consumer to the borrower for the use of borrowed money APR Annual Percentage Rate the yearly cost of a loan, as a percentage of the amount owed Credit Purchase A legally binding agreement in which a borrower receives something now and agrees to pay the lender back at a later date.
Credit Card Any card that can be used to repeatedly borrow money or buy products on credit. Minimum Payment The smallest amount that can be paid per month to avoid a penalty Late Fee Money charged when payment is not received on time
Credit Score Something everyone has A way companies measure how good you are at repaying loans Credit Agency Companies that compile your information and determine your credit score Warranty An agreement between buyer and seller in which seller agrees to make repairs or fix problems in the future
