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Warm up for 10.8.13

Warm up for 10.8.13 . Please answer the following questions in the same section of your notebook as your CNN student logs please. I will check your logs for CNN and warm ups on Friday, 10.11 1. What is a contract? 2. What is a warranty?

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Warm up for 10.8.13

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  1. Warm up for 10.8.13 • Please answer the following questions in the same section of your notebook as your CNN student logs please. I will check your logs for CNN and warm ups on Friday, 10.11 • 1. What is a contract? • 2. What is a warranty? • 3. How is it legal for a minor, someone under the age of 18, to sign a contract? • 4. What are the three parts of a contract? • 5. Make up an example of a contract and identify the three parts of a contract.

  2. Credit & Banking Hook: Who has a credit score? A person? A gov’t? What is it?

  3. Excellent, Good, Poor • http://www.freescore.com/good-bad-credit-score-range.aspx

  4. Credit • Creditors: Provide money (lenders) • Debtors: People who borrow money • Credit Cards: Bank or company pays for a purchase, you pay the bank or company later. • APR (Annual Percentage Rate): cost of credit each year • Average amount of personal debt? • In 2011, which city had the most amount of debt?

  5. Banking • By law, banks must provide customers with a statement about their accounts. • Electronic Fund Transfer Act: Banks must investigate an error within 10 business days of a complaint. • Electronic Funds Transfer Act

  6. ATM (Debit) Cards • Using these cards is the same process of writing a check. • You must have the $ for a purchase in your account.

  7. Stop Payment • If a debit card or check book is stolen the bank can cancel the account. • Fees may apply. • Notify the bank in 2 days: • Notify the bank in 60 days: • Afterwards:

  8. Lost Credit Cards • Only responsible for $50 after reporting a lost or stolen card • Fair Credit Billing Act: If a billing error is reported within 60 days, the creditor must respond within 90 days. • Fair Credit Billing Act

  9. Beware! • Balloon Payments: Early payments are much smaller than later payments • Acceleration Clause: Creditors can require future payments are made immediately • Bill Consolidation: Combining debt into one payment • Truth in Lending Act: Must receive basic information about the credit

  10. Equal Credit Opportunity Act • Consumers cannot be refused credit based on race, gender, marital status, religion or source of income. • Equal Credit Opportunity Act • Equal Credit Opportunity Act

  11. Fair Credit Reporting Act • Creditors must inform consumers about the information received from a credit bureau • Fair Credit Reporting Act

  12. Oh No! I can’t pay! • Default: A consumer who is unable to pay a debt • Fair Debt Collection Practices Act: Protects consumers from abusive and unfair debt collection • Fair Debt Collection Act • Fair Debt Collection Act

  13. Oh No! I still can’t pay! • Bankruptcy: Federal courts take control of a debtors assets • May sell items • Remain in credit report for 10 years • Default Judgment: A creditor may sue a debtor

  14. Still not paying!! • Garnishment: employees are forced to give their salary directly to creditors • Wage Garnishment Act • Wage Garnishment Act • Repossession: Creditors will take the collateral or possession to regain loan. • Rep Video

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