Personal Finance Week 3 HW.docx - Homework Week 3 Chapter 7...

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Homework Week 3 Chapter 7: 7.2 #2 (p. 168) Investigate online the sources and processes of debt consolidation. Sample the Web sites of debt consolidation businesses offering “free” advice and services (e.g., ). Are they free? Now visit the National Center for Credit Counseling (NFCC) at . When seeking advice about your credit, why might you want to use an NFCC advisor or consumer center? From the research I have done on debt consolidation, many companies that offer free debt consolidation tend to offer simply a free consultation. The complete service usually has a fee involved. Also, these companies cannot always guarantee a lowered interest rate, which is a big component of eliminating debt. By using a NFCC advisor or center, someone with bad credit, debt, or spending habits can receive actual advice and strategy by an accredited professional rather than simply enrolling in a magical “get- out-of-debt” solution. Chapter 8: 8.2 #3 (p. 205) For a car you would like to drive, calculate and compare what it would cost you to buy it and to lease it. Use the Lease versus Buy Calculator at . What would be the advantages of owning the car? What would be the advantages of leasing it? For your lifestyle, needs, and uses of a vehicle, should you buy or lease? Theoretically, my husband and I are looking to drive a certain car priced at $15,000. At an interest rate of 4.5%, and a down payment of $1,000, a monthly loan fee to own the car would be $444.34 and a lease payment would be $28.26. For our specific needs, this car would be a secondary car used for myself and son for errands, appointments, ect.
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