Lesson_14 - When Credit Goes Bad FSoS 1301: Cash or Credit:...

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1 Lesson 14 When Credit Goes Bad FSoS 1301: Cash or Credit: You Need to Know Required Readings for Lesson 14: Federal Trade Commission (2011, February). Knee deep in debt. Retrieved April 20, 2011 from http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm. Read pages 1-6 Palmer, Kimberly (2009, April 3). Suze Orman and the new rules of credit card debt. Retrieved April 20, 2011 from http://money.usnews.com/money/personal-finance/articles/2009/04/03/suze-orman-and-the-new-rules-of-credit-card-debt?PageNr=2. Read Entire Article. Optional Readings for Lesson 14: Bankrate.com (2005, April 1). Debt management plans affect your credit. Retrieved April 20, 2011, from http://www.bankrate.com/finance/debt/debt-management-plans-affect-your-credit.aspx. Read Entire Article. Chatzky, Jean (2006, March 5). Lower credit card debt with biweekly payments. Retrieved April 20, 2011 from http://today.msnbc.msn.com/id/11655626/ns/today-money/. Read Entire Article. Lambert, Emily (2010, July 14). How to eliminate credit card debt. Retrieved April 20, 2011, from http://www.forbes.com/2010/07/14/get-rid-of-credit-card-debt-personal-finance-settlement.html. Read Entire Article. Repairing Your Credit Document. Read Entire Document. Weston, L. (2011, February 4). Are you foolish to pay your bills? MSN Money. Retrieved from http://money.msn.com/debt- management/are-you-foolish-to-pay-your-bills-weston.aspx. Read Entire Article. Weston, L. (2010, September 21). Raise your credit score to 740. MSN Money. Retrieved from http://money.msn.com/credit- rating/raise-your-credit-score-to-740-weston.aspx. Read Entire Article. University of Nebraska. (n.d.). Pay down debt. Retrieved from University of Nebraska, University extension website: http://paydowndebt.unl.edu/. Explore Website.
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2 Lesson 14 Learning Objectives Understand the cumulative (snowball) effect regarding credit crisis. Recognize the signs of too much debt. Be familiar with the steps to take when debt becomes too great. Describe the concept of bankruptcy. Differentiate Chapter 7 and Chapter 13 bankruptcy. Know the lender actions to remedy non- payment: – Collection. – Repossession. – Garnishment. By the end of this lesson, you should: • Understand the cumulative (snowball) effect regarding credit crisis. • Recognize the signs of too much debt. • Be familiar with the steps to take when debt becomes too great. • Describe the concept of bankruptcy. • Differentiate Chapter 7 and Chapter 13 bankruptcy. • Know the lender actions to remedy non-payment: • Collection. • Repossession. • Garnishment.
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3 Lesson 14 The Cumulative Effect The snowball effect. Signs of a credit crisis. Battling debt overload.
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This note was uploaded on 01/24/2012 for the course ECON 4751H taught by Professor Triece during the Fall '11 term at Minnesota.

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Lesson_14 - When Credit Goes Bad FSoS 1301: Cash or Credit:...

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