| Cases and Resources
Chapter
25: Credit and Other Financial Services
The
Basics About Bank Accounts
An Introduction to Credit
Paying for College
The Cost of Credit
What Lenders Want to Know
Before Extending Credit
What to Do If You
Are Denied Credit
Default and Collection
Practices
The
Basics About Bank Accounts
Banking
Basics
Read about basic types of accounts at banks and what needs
each account best serves. Some types of accounts are better
if you plan to leave your money in the bank, while others
are better if you plan to spend your money.
Electronic
Funds Transfer
Learn about electronic funds transfer issues and your rights.
Be sure to read about the Electronic Fund Transfer Act
and how to protect yourself from computer errors.
Banking Fees
Read articles from MSN
and USA
Today about rising banking fees. Banks charge
fees to earn more money from your business. Learn ways that
you can avoid paying banking fees.
Shopping
with Your ATM Card
Learn about the various ways you can use an ATM card when
shopping. How are ATM cards similar to credit cards? How are
they different? What are the safety precautions you should
take to protect your ATM card and your money?
Savvy
Consumers and Debit Cards
Read this short article on the responsible use of debit cards.
This site recommends writing down information about your debit
card and keeping this information in a safe place in case
your card is ever lost or stolen.
Lost
or Stolen Credit or ATM Cards
Learn what you may be responsible for if your cards are lost
or stolen. What is the advantage of reporting a lost or stolen
credit card immediately? What federal laws are in place to
protect a consumer who has lost a card or had a card stolen?
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An
Introduction to Credit
The
Basics of Credit Cards
Review the basics of credit cards and the definitions of important
terms.
Consumer
Jungle: Credit
This site is for young people to learn about credit and managing
credit cards. Explore the credit section to learn how credit
cards work and how young people can responsibly use credit.
Choosing
and Using Credit Cards
It is important to choose a credit card that best fits your
needs. This link provides advice for consumers on how to choose
the right credit card. It is important to understand credit
card terms so that you know what your credit cards require
of you.
Students
and Credit Cards
Credit card companies often extend credit to young people.
It can be easy for students to spend too much on credit cards
and fall into debt. Take a closer look at students and credit
cards and learn what students need to know in order to avoid
debt.
Billing
Errors and Overcharges
Review every bill you receive from a credit card company.
Even though the billing process is computerized, mistakes
do happen. You should be aware of what you are spending and
where you are spending it so that you are able to recognize
errors on your bill. This article explains how to correct
errors on your bill.
The
Fair Credit Billing Act
Read through the FCBA. What does this act protect?
Read an
explanation of the FCBA provided by
the Federal Trade Commission.
Credit
Card Use Tips
Read through these recommendations on when credit card use
is appropriate and when it should be avoided. What are the
signs of irresponsible credit card use?
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Paying
for College
FAFSA
(Free Application for Federal Student Aid)
Explore this site to learn about federal aid for students.
The site allows you to access a FAFSA application and learn
about the application process.
U.S.
Department of Education
Use this site to find out about student financial assistance
to pay for college. Learn about federal, state, and private
programs that are available to students.
College
Scholarship Search
There are many places on the Web to search for private or
public college scholarships or financial assistance. Try this
searching tool to see if any scholarships seem right for you.
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The
Cost of Credit
The
Cost of Your Debt
Use the calculators at this site to determine how much a loan
at specific rate will cost you in the end, how long it will
take you to pay off the balance on your credit card, and how
much paying only the minimum on your credit card will cost
you.
Credit
Card Use and Saving Money
The Federal Reserve Board has published ways consumers can
save money while using credit cards. Read this article and
review the terms of credit card use. What are some tips to
save money while using credit?
Federal
Trade Commission: Knee Deep in Debt
Read this article about the epidemic of debt among consumers
in this country and how to help yourself out of debt. What
are some tips and warnings the FTC provides about consumer
credit counseling?
The
Truth in Lending Act
Read the Truth in Lending Act. What does this law
require? Read a description
of the TILA and learn more about this
act.
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What
Lenders Want to Know Before Extending Credit
Credit
Matters
Read the information on how to qualify for a credit card and
your responsibilities once you qualify. Many young people
do not have credit. What can they do to establish a positive
credit history?
Equal
Credit Opportunity Act
Read the Equal Credit Opportunity Act. Now review
a general
description of the ECOA. How does this
act promote equal opportunity to obtain credit?
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What
to Do If You Are Denied Credit
Credit
Scoring
Explore how companies decide whether or not to extend credit
to an individual. What can you do to improve your chances
of receiving credit?
Your
Credit Report and Disputing Errors
If you are denied credit, obtain a copy of your credit report.
It is possible that there are errors in your credit history
that are preventing you from obtaining credit. This link explains
how to get a copy of your credit report and correct errors
in your history.
The
Fair Credit Reporting Act
Read the Fair Credit Reporting Act. Now read a summary
of your rights under the FCRA and learn
how this act protects you.
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Default
and Collection Practices
CBS
News: Dealing with Personal Debt
Many Americans struggle with personal debt and must decide
how to pay off the debt. This news article discusses debt
among Americans and the options available to resolving debt.
Debtor’s
Rights
Learn the rights of the debtor in a lawsuit or default for
a debtor’s failure to pay a debt. What can a debtor
do to protect himself or herself? Learn how to handle a creditor’s
actions for collection of a debt.
Consumer
Bankruptcy
Filing for bankruptcy is a serious action. Read about the
consequences of bankruptcy, how long filing for bankruptcy
stays on your credit report, and alternatives to bankruptcy.
Fair
Debt Collection Practices Act
Read the Fair Debt Collection Practices Act. This
act is meant to regulate debt
collection. What limits does this act place on
creditors who are pursuing debtors?
Debt
Collection Rights
Read a summary of a debtor's rights and a creditor's rights
in debt collection. How does the Fair Debt Collection Practices
Act protect debtors? What can creditors do to collect?
What are the responsibilities of a creditor and debtor?
Wage
Garnishment Act
Read the Wage Garnishment Act. How does this act
protect you?
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