1. Managing Your Money Principles of Law Student Name:

2. INSTRUCTIONS: Locate the website for the NJ State Bar Foundation at www.njsbf.orgwww.njsbf.org Open the new publication entitled: Turning 18 in New Jersey Scroll down to Chapter 4, Managing Your Money on page 19 Open the PowerPoint presentation from Mrs. Pollison’s webpage: Managing Your Money PP Fill in the missing information in the PP from the brochure.

3. CREDIT: The fundamental understanding of credit is that you Credit is important to have in order to: (examples) 1. 2. 3.

4. Bank Accounts and Debit Cards The 1 st step in establishing good credit is to set up a ________________. _________________ is available at most banks in case you spend more money than you have in your account. You can arrange through your job to have your paycheck ___________________ into your account. A card supplied by your bank that withdraws $$ directly from your checking account when used is called a __________________.

5. Credit Cards: 2 nd step in establishing credit. Shop around for your first credit card! List 3 considerations: 1. 2. 3. A credit card allows you to carry over portions of your balance from one month to the next as long as you pay a minimum amount each month. The law protects you (if you are 18 or older) from being denied credit based on:

6. Disputed Credit Card Charges: If any charges are wrong or inaccurate on you credit card statement, you should follow these steps to resolve the issue:

7. Fair Credit Practices Act You can order one free credit report per year from each of the 3 major credit bureaus! The website is: The 3 major national credit reporting bureaus and their websites are: 1. 2. 3.

8. Fair Credit Reporting Act It is your right to notify the credit bureaus if you find incorrect information on your credit report and they are required to investigate & correct inaccuracies!! Your 1 st step should be:

9. Falling Behind?? Your first step when falling behind in paying off credit card should be to contact _________________. A collection agency may be hired to obtain the money from you. The Fair Debt Collection Practices Act prohibits debt collectors from contacting you outside of the 8 am to 9 pm timeframe.

10. Bankruptcy (list characteristics) Chapter 7Chapter 13