Outstanding money owed by consumers. Examples. Credit Card Debt. Student Loans. Mortgages. Why Is This Important?. Americans Love Debt. At the end of 2010, Americans had $1,117,000,000 in CREDIT CARD DEBT. ID: 671761
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Consumer debt
Slide2What Is Consumer Debt?
Outstanding money owed by consumersExamplesCredit Card Debt
Student Loans
Mortgages
Slide3Why Is This Important?
Americans Love DebtAt the end of 2010, Americans had $1,117,000,000 in CREDIT CARD DEBTAnyone Can Get a Credit Card
Only have to be 18 years old
Slide4How It Impacts Students
You will have debtStudent loansCar loans
Home loans
CREDIT CARDS ARE EVERYWHERE
In the mail
At stores
Best Buy, Macy’s, Nordstrom
On college campuses
Slide5SKIT
Time to Buy a CarWhat Rights Do You Have as a Buyer?
What is Good For You Is NOT Good For Them
Watch Out For
Sleezy
Car Salesmen
Slide6Rights of a Car Purchaser
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
Slide7LIST OF TERMS
InterestThe money paid by the consumer to the borrower for the use of borrowed moneyAPR
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.
Slide8LIST OF TERMS
Credit CardAny 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
Slide9List of Terms
Credit ScoreSomething everyone hasA 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
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