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., http://www.debtconsolidationcare.com/ ). Are they free? Now visit the National Center for Credit Counseling (NFCC) at http://www.nfcc.org/ . 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 http://www.leaseguide.com/leasevsbuy.htm. 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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