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Paying off your credit card balance late can increase interest and unexpected costs. Learn how much more you might pay on purchases due to the cost of credit.

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Objsective to develop a plan to manage your debts.

Create a modified payment plan.

Fair Debt collectionsparactices Act:
Law that regulates how debt collectors do business.
Reasons for Indebtedness:

1. Emotional problems

2. Use of money to punish

3. expectation of instant comfort

4. Keeping up with the Joneses

5. Overindulgence of Children

6. Misunderstanding or lack of Family communication

7. Amount of finance charges.

Danger Signals of Debt Issues:

Paying minimum on credit cards

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Math in Daily Life : How Is APR Calculated?

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APR stands for annual percentage rate, which is often confused with interest rates. Find out the formula for calculating APR with lessons from a math teacher in this free video on math calculations for daily life. Expert: Jimmy Chang Bio: Jimmy Chang has been a math teacher at St.

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Declining Balance Depreciation - Learn the Easy Way

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WANNA MASTER FINANCIAL ACCOUNTING? CLAIM YOUR 50% OFF COUPON BELOW! https://www.udemy.com/financial-accounting-the-ultimate-beginner-course/?couponCode=50_OFF ********************************************************************* Declining Balance Depreciation is an accelerated form of depreciation. The Fixed Asset is depreciated a bunch in earlier years and less in later years. This method is a little more tricky than straight line method. Don't worry!

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Fair Debt Collection Practices Act (FDCPA)

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http://toddmurraylaw.com How the Fair Debt Collection Practices Act, or FDCPA, protects people from debt collection harassment and abuse. The Todd Murray Law Firm Contact (612) 284-4141

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Are you unsure about the loan repayment process or wondering when you need to begin making loan payments? Check out this video to learn about what to expect when your federal student loan enters repayment. Visit http://StudentAid.gov/Repay to learn more.

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Truth in Lending law:  Creditors are required to to state cost of credit in a dollar amount.

Making it easier for consumers to shop for credit.

Finance Charge: interest + Service charge

APR: Cost of Credit

Finance: Total Dollar amount you pay to use credit.

APR Formula:
R is approximate APR
N=  Number of payment  periods in one year(12, if payments are monthly: 52, if weekly)
I= Total Dollar cost of credit
P= Principal or net amount of loan
N= Total number of payments scheduled to pay off the loan.

When shopping for a CREdit Compare your options, Know the trade offs!!

Compare APR on loans  or credit cards

Compare the finance charge

Look at all of the terms before you choose.

Lender Risk versus interest rate:

If you want to minimise your borrowing cost you need to reduce your lenders risk.

Variable interest rate: fluxuating rate like a prime rate:the lowest rate of interest at which money may be borrowed commercially.

Secured loan: loan held by collateral.

Up front Cash: large cash downpayment.

Calculating ther cost of Credit:
Simple Interest: I X T X

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Sources of Consumer Credit:
@ types of Credit are available
1. Open-end-  Credit cards you can charge anywhere you want.
2. Close-end: specific loan for a specific purpose.

Inexpensive loans:  Friend or family member. Make sure you have a written agreement.

Medium Priced loans:  come from financial institutions commercial banks, federal savings banks and credit unions.

Expensive loans:  Easy to obtain, come from finance companies, retailers and banks.  Finance companies usually lend to those whom cannot get a loan from anywhere else.  Charge high interest rates 8-20%.

Payday Loans: Short term, high rate loans.

Student Loans: payment starts after graduation, yes you have to pay interest on this loan.  No longer can you borrow from private lenders, only through Dept. of Ed.

APR: Cost of Credit
Finance: Total Dollar amount you pay to use credit.
What are trade off

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The Fair Debt Collection Practices Act Training Program

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The Fair Debt Collection Practices Act Training Program

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Simple Interest Formula (In under 2 minutes)

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The Simple Interest Formula Interest = Principal x Rate (decimal) x Time. In this quick video you will use the formula for simple interest to solve a practice question. Then I explain why it works. All in under 2 minutes! Simple interest is calculated only on the principal amount, or on that portion of the principal amount that remains.

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1.  Analyze the Major Sources of consumer credit.
2.  Determine the cost of credit by calculating interest using various interest formulas.
3. Develop a plan to manage your debts.
4. Evaluate  private and governmental resources for credit counseling.
5. Assess choices in declaring personal Bankruptcy .

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It's time to take charge of the debt that tries to control you.

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Learn about common debt problems, including filing for bankruptcy.

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Creating and following a spending plan will allow you to effectively manage your finances and determine where to best spend your money. For more on creating a spending plan and other personal finance tips, visit http://financialaid.berkeley.edu/bffs

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Watch more How to Buy a Car videos: http://www.howcast.com/videos/399308-How-to-Calculate-Car-Payments You've just seen the car of your dreams, but you're not sure if the price is right. In a few steps, you can calculate your potential car payments and decide if you'll be able to afford a new ride.

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Calculating simple interest using the formula I=Prt. This video is provided by the Learning Assistance Center of Howard Community College. For more math videos and exercises, go to HCCMathHelp.com.

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Chapter 7

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Chapter 6 (Consumer Credit), Section 1 (What is Consumer Credit?)

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Section on understanding what is consumer credit.