Project 1 (4 points):Credit Cards

Use Credit Card Statement found in Content

1.What is this person's current balance?

2.What is this person's credit line?

3.What is the minimum payment due on this person's balance?

4.If the person with the Account Statement given only pays the minimum payment on the balance, how long will it take to pay off the balance?

5.If the person only pays the minimum payment on the balance, how much will she pay in interest (subtract the total amount she would pay minus the original balance)?

6.What is the late fee if the minimum payment is not paid on time? What would happen to the APR?

7.What is her interest rate for:

a.Purchases?

b.Cash Advances?

8.How does the information for this project impact your decision to use credit?

Project 2 (2.5 points):Consumer Credit Laws

Go to:http://www.consumer.ftc.gov/articles/0347-your-equal-credit-opportunity-rights

Answer the following questions:

1.How long does a creditor have to tell you if you have been accepted or rejected for credit?

2.Does a creditor have to tell you why you were rejected?

3.Can a creditor ask if you plan to have children?

4.Can a creditor discriminate based on race, sex, or national origin?

5.Can you have a co-signer other than a spouse?

Project 3 (2.5 points): Consumer Credit

Go to: https://www.consumerfinance.gov/ask-cfpb/what-is-a-truth-in-lending-disclosure-when-do-i-get-to-see-it-en-787/

1.What does the Truth in Lending Act require?

2.Briefly explain/describe the four main things that must be disclosed?

Project 3 (3 points): Credit Reports and Credit Scores

Go to:https://www.federalreserve.gov/creditreports/pdf/credit_reports_scores_2.pdf

1.How frequently can you get a free copy of your credit report from each of the three credit bureaus?

2.How long does negative information stay on your credit report?

3.List at least 5 things that can impact your credit score.

4.What is likely to happen to your credit score if you incur more debt or make late payments?

5.Who should you contact if you find an error on your credit report?

6.Who are the three nationwide credit bureaus?

Project 4 (3 points): Credit Counseling

Go to:https://www.usa.gov/debt

1.If you are having difficulty repaying debt, list 4 places that may offer free or low-cost credit counseling options?

2.What is debt consolidation?

3.What is debt collection?

4.What practices are off limits for debt collectors?

5.Who can you contact if you have a problem with a debt collection company?

Project 6 (2.5 points):Secured v Unsecured Loans

Go to:http://www.greenpath.com/resources-tools/financial-library/loan-types/secured-vs-unsecured-loans

1.What is the difference between a secured loan and an unsecured loan?

2.Which is a riskier investment for a bank? Why?

3.Give three examples of secured loans.

4.Give three examples of unsecured loans.

5.What will happen if you cannot pay off a secured loan?

Project 7 (2.5 points): Down Payments

https://www.thebalance.com/choosing-a-down-payment-315602

1.What is a down payment?

2.Do, all loans require a down payment?

3.Describe 4 ways that a bigger down payment would be beneficial

4.Describe 3 reasons that a smaller down payment might be more beneficial.

5.How would a 20% or higher down payment help in purchasing a home?