Freedom Independence Transition

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Presentation transcript:

Freedom Independence Transition

Situations True/False/??? Even at 18, I need a co-signer for a credit card. Your record of monthly utility bills and rent payments affects your credit score. All contracts have to be in writing. As a form of identity, I should carry my social security card with me. Checking free credit reports is a protective way to see if my identity has been stolen.

Handling Money Matters What exactly is credit?

Handling Money Matters Buying goods or services Paying for them later

Handling Money Matters How do I get a credit card and how do I use it?

Handling Money Matters Receive offers in the mail from banks, credit card companies and specialty stores Understand the offer before signing up Shop for the best interest rate and terms

Handling Money Matters Limit your number of credit cards Don’t charge more than you can handle Don’t make monthly minimum payments

Handling Money Matters What happens if I get behind on my payments or stop paying on my credit cards?

Handling Money Matters Amount you owe will increase – you’re paying continual interest on what you still owe Pay late fees will be added to the amount you owe Have difficulty in getting more/future credit (house, car loan) Credit Card companies will turn charges over to debt collector

Handling Money Matters What is a credit score?

Handling Money Matters Predetermined number Summary of what you owe History of your payments High score = good credit

Handling Money Matters How can I find out what my credit score is?

Handling Money Matters Three major credit agencies: Equifax Experian TransUnion Free service: AnnualCreditReport.com

Handling Money Matters Can I improve a bad credit score?

Handling Money Matters Yes, but it won’t happen overnight... Pay your bills on time Pay off debt Acquire no new debt

Handling Money Matters Get a steady income Stick to a monthly budget Live within your means

Handling Money Matters What is a contract?

Handling Money Matters A legally binding agreement between two or more people that benefits all of them in some way

Handling Money Matters Does a contract have to be in writing?

Handling Money Matters No... Oral contracts exist Written contracts are easier to enforce

Handling Money Matters Can I be in trouble if I break a contract?

Handling Money Matters Yes... Could be sued Have to appear in court Pay the judgment against you

Handling Money Matters I am ready to sign. What should I do?

Handling Money Matters Read everything (fine print included) Understand every detail (ask questions) Change terms if you don’t agree

Handling Money Matters Cross out or fill in all blank spaces Get a signed copy Don’t be pressured to sign

Handling Money Matters As a consumer, am I protected in any way when others cheat me in a deal or are dishonest?

Handling Money Matters Absolutely (State and federal laws)... Ohio Attorney General’s Consumer Protection Service Federal Trade Commission’s Consumer Response Center

Handling Money Matters What should I learn before opening a bank account?

Handling Money Matters Interest rate, fees and services Availability of online banking/overdraft protection Need to maintain minimum balance

Handling Money Matters Difference between ATM card and debit card (fees) Bank’s response to bounce check Your response to lost cards or checks

Handling Money Matters What should I know about identity theft now that my name is going to be on credit cards, contracts and bank accounts?

Handling Money Matters Serious crime Millions become victims every year Costs billions of dollars Pain to get identity back

Handling Money Matters How can others steal my identity?

Handling Money Matters Thieves try to gain personal information Thieves rummage through trash, steal from mail boxes or wallets, skim encoded data Thieves “phish” online

Handling Money Matters How do I protect myself?

Handling Money Matters Don’t carry your SSN with you Shred personal information Don’t do anything sensitive on public Wi-Fi

Handling Money Matters Check bills and bank statements Check free credit reports Don’t take the bait

Handling Money Matters Verify source request as legit Click with caution when shopping online Protect personal information on computer

Handling Money Matters What should I do if I think my identity has been compromised?

Handling Money Matters File a report immediately with authorities Contact Ohio Attorney General’s Identity Theft Unit Visit www. IdentifyTheft.gov

Situations Answers Even at 18, I need a co-signer for a credit card. False Your record of monthly utility bills and rent payments affects your credit score. True All contracts have to be in writing. As a form of identity, I should carry my social security card with me. Checking free credit reports is a protective way to see if my identity has been stolen.