P ERSONAL F INANCE Section 6.4 Notes Managing Your Debts.

Slides:



Advertisements
Similar presentations
Credit Impact All Cases All Cases –On Credit Report for 10 Years Chapter 7 Chapter 7 –1-3 Year Practical Impact Chapter 13 Chapter 13 –4-7 Year Practical.
Advertisements

Chapter 9-Section 2 Bankruptcy Choices. Bankruptcy  A legal procedure to relieve a person of excessive debt.  Voluntary bankruptcy-the individual asks.
Lesson 8.2 Managing Debt July 2011Copyright © … REMTECH, inc … All Rights Reserved1 Introduction Most of you will acquire debt at some point.
Bankruptcy Test Review. True/False Bankruptcy stays on your credit report for 10 years and decreases your credit score.
Chapter 6 Consumer Credit
Problems with Credit Unit 3. Did You Know?  Most lottery winners spend all of their winnings and are broke within 5 years.  40% of all personal bankruptcies.
Example 2 Credit Card Debt Chapter 2.1 It is hard for some people to pay off credit card debts in a reasonable period of time because of high interest.
© South-Western Educational Publishing Chapter 19 Problems with Credit  Getting Unstuck  Reconsidering Bankruptcy.
Managing Your Debts Section Understanding Business and Personal Law Managing Your Debts Section 22.3 Borrowing Money and Buying on Credit What You’ll.
Choosing a Source of Credit: The Cost of Credit Alternatives
Your rights Credit. Your rights Truth in Lending Act (1968) Ensures consumers are fully informed about cost and conditions of borrowing. Fair Credit Reporting.
A person or company to whom a debt is owed.
Bankruptcy. What is Bankruptcy A legal proceeding involving a person or business that is ______ to _____ __________ _____.
Good Day This is your 30-Second $ Asset Development $ Training ENJOY Click here to begin.
Bankruptcy. Importance of Numbers What do you know about bankruptcy?
Credit and Its Use.
Daily Information 1/9 Objectives: 1.Explain how to dispute errors on billing statements 2.Recognize credit scams and ways to protect yourself. Warm Up:
Glencoe Business and Personal FinanceCopyright © by The McGraw-Hill Companies, Inc. All rights reserved.
Credit Rights and Responsibilities
Solutions to Debt Problems Section 6-7. “Sometimes you gotta wreck the truck, to get the insurance money, to make the truck payment.” -Larry the Cable.
Debt Management Counseling. What debtors fail to realize Paying for purchases in the past Paying more for purchases – interest Forego buying a home Forever.
© The McGraw-Hill Companies, Inc., All Rights Reserved. Irwin/McGraw-Hill 7-1 C HAPTER 7 Personal Finance Choosing a Source of Credit: The Cost of.
Read the article, “Credit and Debit Cards: What you need to know” Answer the following questions: 1. Why can a credit card be more beneficial than a debit.
MONEY MANAGEMENT II Debt, Counseling & Bankruptcy.
7.0 O BJECTIVE U NDERSTAND WAYS TO PROTECT PERSONAL AND FAMILY RESOURCES C-students will be able to understand how to establish credit and maintain.
© South-Western Educational Publishing Chapter 17 Credit Records and Laws Establishing Good Credit Credit Ratings and Legal Protection.
Chapter 7 Choosing a Source of Credit: The Cost of Credit Alternatives McGraw-Hill/Irwin Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights.
T OPIC 12 Consumer Protection Laws. T OPIC 12: C ONSUMER P ROTECTION L AWS Learning Objectives Describe consumer laws that impact clients, including bankruptcy,
Bankruptcy/Getting Out of Debt By Brandon Stressman Toren Sanchez Jay Carrick Jalen Zavala Christina Coyle.
TOP 26 “Myth-Conceptions” of Credit. Myth #1: You share a credit score with your spouse.
Consumer Credit Laws. Fair Credit Reporting ACT o Provides rules for accessing/correcting credit reports o Requires lenders to tell you why you were denied.
Chapter 19 Problems with Credit.
1. Credit During the “Crunch” How to Thrive while others are trying to Survive!
Bankruptcy. A legal process to get out of debt when you can no longer make all your required payment.
Credit Law in Society Objective: To understand the use of and acquisition of credit.
Credit documents Essential Question What are the commonly used credit documents? 1.
Garman/Forgue Personal Finance Ninth Edition Chapter 6 Building and Maintaining Good Credit.
© South-Western Educational Publishing Chapter 19 Problems with Credit  Getting Unstuck  Reconsidering Bankruptcy.
© South-Western Educational Publishing Chapter 19 Problems with Credit Getting Unstuck Reconsidering Bankruptcy.
Credit Reports. What is a Credit Report? Credit Report: A record of past borrowing and repayment of debts.
Business Bankruptcy Filings Source: Administrative Office of the U.S. Courts.
Chapter Seven. Overview of Chapter 7 After reading this chapter, you will be able to: Describe the basic events which occur in all bankruptcy proceedings.
Section 6.4 Managing Your Debts. Signs of Debt Problems If you are experiencing 2 or more of the these warning signs it is time for you to rethink your.
Filing for Bankruptcy Mr. Stasa – WE City Schools © 1.
Bad Credit? Tough Luck!?. stops people from getting mortgages, stops people from getting mortgages, car loans and credit cards car loans and credit cards.
Credit Problems Garnishment of wages Garnishment of wages Creditor takes all or part of paycheck to satisfy a debt Repossession Repossession Taking back.
Chapter 6 Managing Your Debts 6.4 Managing Your Debts 6.4.
MANAGING YOUR DEBTS PG NAME, TEACHER AND DATE.
Bankruptcy. A legal process to get out of debt when you can no longer make all your required payment.
FICO SCORE What you need to know about your credit report.
Business Law – week 7 Secured Transactions Bankruptcy Law Quiz Introduction to Employment Law Next Week.
Chapter © 2010 South-Western, Cengage Learning Credit Records and Laws Establishing Good Credit Evaluating Credit and Laws 17.
L OAN R EPAYMENT S TRATEGIES CAFAA Conference 2012 Sarah Pingel.
7.0 O BJECTIVE U NDERSTAND WAYS TO PROTECT PERSONAL AND FAMILY RESOURCES C-students will be able to understand how to establish credit and maintain.
Times are hard nowadays because of an increment of unemployment and the increasing expense of the fundamental things we have to live These tough times.
Daily Information 6/2 Objectives: 1.Describe the different types of bankruptcy. 2.Identify ways to protect yourself from credit card fraud. Warm Up: What.
Consumer Economics Copyright©2009 Taylor & Francis Group, an informa business Chapter 13 Banking, Debt, and Credit Issues.
Bankruptcy Unit 7 Target F. Bankruptcy A legal process to get out of debt when you can no longer make all your required payments. As a last resort generally.
Chapter 8.4 Managing Your Debts.
SINGLE SURVIVAL FAMILY AND CONSUMER SCIENCES MRS. SWOPE
Understanding Bankruptcy
Debt, Counseling & Bankruptcy
Chapter 11 Consumer credit.
Chapter 19 Problems with Credit.
American History Chapter 7 Sections 1,2 and 3.
Consumer Credit Card Debt Relief Debt Relief USA Companies.
Protecting Your Credit
Handling Debt.
Managing Your Debts By: Anna & Anna.
Credit Ratings Chapter 17.
Presentation transcript:

P ERSONAL F INANCE Section 6.4 Notes Managing Your Debts

S IGNS OF D EBT P ROBLEMS The Warning Signs

S IGNS OF D EBT P ROBLEMS The Warning Signs

D EBT C OLLECTION P RACTICES Collection Agencies

F INANCIAL C OUNSELING S ERVICES Consumer Credit Counseling Service (CCCS)

F INANCIAL C OUNSELING S ERVICES Consumer Credit Counseling Service (CCCS)

D ECLARING P ERSONAL B ANKRUPTCY As a last resort, and individual can declare bankruptcy.

T OTAL B ANKRUPTCIES 1970 – roughly 250,000

U.S. B ANKRUPTCY A CT OF 1978 Chapter 7 Bankruptcy

Chapter 13 Bankruptcy U.S. B ANKRUPTCY A CT OF 1978

E FFECTS OF B ANKRUPTCY People have varying experiences in obtaining credit after they file for bankruptcy.

Feedback: Privacy Policy Feedback
Do Not Sell My Personal Information
About project: SlidePlayer Terms of Service

© 2024 SlidePlayer.com Inc. All rights reserved.