Personal Finance by Tara Garrido https://padlet.com/tgarrid1/e446xhxpq2e9 Made with ♥ en-us 2018-01-11 14:35:55 UTC 2025-11-14 04:29:12 UTC hello@padlet.com What is Consumer Credit? tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220601564 Chapter 7]]> 2018-01-11 14:47:56 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220601564 Calculating Simple Interest tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220634382 2018-01-11 15:43:21 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220634382 Calculating Car Payments tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220635165 2018-01-11 15:44:40 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220635165 Developing a plan to Manage your Debts tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220640727 2018-01-11 15:54:08 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220640727 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220641802 2018-01-11 15:56:03 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220641802 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220642155 2018-01-11 15:56:39 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220642155 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220656589 2018-01-11 16:21:23 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220656589 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220657112 2018-01-11 16:22:12 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220657112 Chapter 7 Objectives: tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220673736 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 .]]> 2018-01-11 16:51:37 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/220673736 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/221099058 2018-01-12 19:12:19 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/221099058 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/221099752 2018-01-12 19:14:06 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/221099752 tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/222455858 2018-01-18 15:11:09 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/222455858 Chapter 7 Notes tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/226050961 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




]]> 2018-01-30 13:11:47 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/226050961 7.2 Notes tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/226791895 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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]]> 2018-02-05 13:30:23 UTC https://padlet.com/tgarrid1/e446xhxpq2e9/wish/228089346 Chapter 7.3 Manging your Debt tgarrid1 https://padlet.com/tgarrid1/e446xhxpq2e9/wish/228107815 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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