Reflection # How do you resolve stress in your life? (3-5 sentences) Bell Quiz Day 2 Credit

Class Assignment 2: Managing a Checking Account Using your checks and deposit slips on (page), make the following banking transactions and record them on the check register (page ) in order. Today fill out: 6.February 9- write check #104 to Phone Inc. for $42.67, your account number is February 10- write check #105 to Trusty Bank for your car payment in the amount of #346.72, your account number is February 13- You go to the ATM machine and withdraw $40.00 from your checking account. Because you did not use your bank’s ATM, they charge you an additional $2.00. Record this withdrawal as one entry on your check register.

Risk and Responsibilities of Credit Circle Juggle TJ ATT 106

What do you want in life? Go through the magazines and find pictures of the things you want in life. If you cant find a picture of it then write each item down on some paper. Tape or glue that paper to a string. Each person must have at least 4 items. Tie these items onto your hanger so that it is balanced. Hang these up!

Credit is GREAT! But…. If you cannot handle all of the risks and responsibilities that come with it your will soon be in a hole dug by your own credit misuse shovel.

Things can affect your credit and life: Only ever making the minimum monthly payment Going over the credit limit Getting a Charge- off Not checking your credit record Going into Default Employers taking garnishments out of your check Bankruptcy

Bankruptcy is a last resort when a person is so deeply in debt that there is no other way to resolve the problem. Bankruptcy is a legal process to get out of debt when you can no longer make all your required payments.

Chapter 7 Bankruptcy This allows you to erase most of your debt. To qualify, you typically must be unemployed or have a very low income. You must take part in financial counseling as well. As of 2005, congress changed bankruptcy laws to make it harder to declare Chapter 7 bankruptcy.

Chapter 13 Bankruptcy This allows you to repay many of your debts over a period of time, usually no more than 5 years. A court typically oversees the repayment plan to see that you follow the procedure.

Not all debts will be erased by Bankruptcy! Some that will not be erased include: Fines and penalties for crimes committed Student loans Child support Alimony

Going bankrupt is a court judgment and a public record. Anyone who can lend money can see this record. Potential employers can request a credit report and see this record. A bankruptcy can send a powerful message about “responsibility”, possibly the “wrong message”.

Going bankrupt is serious and can stay on your credit record for up to 10 years. Bankruptcy makes is much harder and more expensive to buy a house or car. It makes it harder to get other credit during that time. Bankruptcy has an impact on other consumers because lenders will usually raise rates on loans and services to compensate for the loss of revenue they would have had. BANKRUPTCY AFFECTS EVERYONE!!

Bankruptcy provides a chance for people who have had unforeseen or unavoidable misfortune the ability to start over and rebuild their lives. But for those who just decide to “take the easy way out” it makes it hard on everyone.

What can an individual who filed bankruptcy do in the aftermath? Pay your bills on time Build a new reputation Get counseling Set goals with the help of budgeting

Credit Card Debt will follow you… What you do now will affect your future greatly! Know the different between your wants and needs! Read the information about debt to help your with the following assignment.

Out of Balance… Now knowing about the affects bankruptcy and other credit misfortunes can have on your life, create a poster informing others about these. Roll this up and attach yarn around the middle. Attach this to one the end of your hanger. Notice that your hangers are not balanced, this is what bad credit, bankruptcy, and debt will do to your life.

Engagement Ring Assignment In your teams work on the engagement ring assignment.