Chapter 10 What is Credit? The ability to Giving up.

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Presentation transcript:

Chapter 10

What is Credit? The ability to Giving up

Who’s Who in Credit? Borrower- Person taking cash, merchandise, etc. Lender- Item being given on credit

Think About it!! Who wants to buy things? Who wants to be in debt?

Why Use Credit?

Is Credit Good for the Economy?

Advantages of Credit

Disadvantages of Credit

3 Types of Credit Single Payment Installment Revolving

Single-Payment

Installment Payments

Revolving Credit

Complete the Worksheet

How do you get Credit? Character Capital Capacity

Character

Capital The following can secure a loan:

Capacity

How do I use the 3 C’s?

Credit History

How do they Collect Info? Keep cumulative records When trying to give credit out

The Three Agencies

Keeping Good Credit

Bankruptcy What is it? Why use it?

Your Rights as a Borrower Fair Credit Billing Act Equal Opportunity Act Truth & Lending Act

Fair Credit Billing Act

Truth in Lending Act Costs conditions

Equal Opportunity Act Can’t discriminate giving credit based on:

What if You’re Denied?

Credit Protection

Unauthorized Charges Report your card lost or stolen right away! $

What is Identity Theft?

What can we do about ID Theft? Don’t: Do:

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