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Unformatted text preview: Power Pay Two assumptions o Commit to paying the same each month until out of debt o NO NEW DEBT in the time period Other Options Negotiate interest rate Transfer from high interest to low interest credit cards Only 3 Choices 1. Raise your income 2. Reduce your debt 3. Change your standard of living Legal issues around credit (stolen card, how much money do I lose) Truth in Lending Law o Comparison on one offer to another o Protection of fraud o Displays cost of credit in terms of payment What about debit cards? Electronic Funds Transfer Act Equal Credit Opportunity Act Prohibits discrimination Fair Credit Reporting Act To Ensure: 1. Confidentiality 2. Accuracy 3. Consumers right to know...
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- Fall '07