UA CSM 204 - Introduction to Consumer Credit (7 pages)

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Introduction to Consumer Credit

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Introduction to Consumer Credit


Introduction to Consumer Credit

Lecture number:
Lecture Note
University of Alabama
Csm 204 - Intro Personl Finan Plan

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CSM 204 Chapter 6 Lecture Outline of Previous Lecture I Cash Management Strategy II Common Cash Management Mistakes III Types of Financial Services IV Online and Mobile Banking V Financial Institutions VI Choosing a Financial Institution VII Savings Plans VIII Evaluating Savings Plans IX Payment Methods X Types of Checking Accounts XI Evaluating Checking Accounts XII Managing Your Checking Account XIII FDIC Coverage XIV How Identity Theft Occurs Getting Your Information XV How Identity Theft Occurs Using Your Information XVI Minimizing Identity Theft XVII The Victim s First 3 Steps XVIII The Victim s Next Steps XIX Quiz 1 5 Current Lecture Outline I II III IV V VI VII VIII IX X XI XII XIII XIV Consumer Credit Consumer Credit Questions Advantages of Credit Disadvantages of Credit Types of Credit Protecting Against Fraud Online Purchases Measuring Credit Capacity Your Credit Report Fair Credit Reporting Act Applying for Credit FICO Credit Scoring Other Credit Scoring Systems Correcting Credit Errors These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute XV Quiz 2 1 Current Lecture Chapter 6 Introduction to Consumer Credit Consumer Credit An arrangement to receive goods or services now and pay later Credit used for personal needs other than a home Ties up future income Consumer Credit Questions Do I have cash for a down payment Should I use savings Does the purchase fit my budget Is there a better use for the money Can I postpone the purchase What are the opportunity costs What are the psychological and dollar costs of using credit Advantages of Credit Current use of good and services Medical Emergencies May purchase when funds are low Needed purchases when funds are low Safer than cash or debit cards AS LONG AS YOU PAY IN FULL EACH MONTH Cushion for emergencies Easier to return merchandise Convenient when shopping One monthly payment Needed for reservations and online

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