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Chapter 7 - Chapter 7 Credit Cards and Consumer Loans...

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Unformatted text preview: Chapter 7 Credit Cards and Consumer Loans Consumer Credit Non-business debt used by consumers for purposes other than home mortgages Installment Credit Debt that is repaid in a specific number of equal payments usually monthly. Also called closed-ended credit. Noninstallment Credit Single -payment or open-ended credit OpenEnded Credit Borrower does not reapply each time the credit account is used Has a credit limit Cash advances may be available Personal lines of credit Home equity lines of credit Types of Credit Card Accounts Bank Credit Cards Retail Credit Cards Travel and Entertainment Cards Common Aspects of Credit Cards Teaser Rates Default Rates Variable Interest Rates Pre-approved Offers Annual and Transaction Fees Common Aspects of Credit Cards Liability for Lost or Stolen Cards Fees for Late payments Bounced checks Over the limit Credit Card Insurance Credit statement Billing date Due date Transaction/Posting dates Grace Period Repayment schedule Minimum payment Managing a Credit Cards Wisely Fixing Credit Card Errors Notify the credit card issuer Provide copies (not originals) Withhold payment for disputed items After it is settled review your credit report Understanding Consumer Loans Fixed and Variable Interest Rate Payment Reminder Unsecured Loan Secured Loan Cosigner Collateral Lien APR Calculations on Installment Loans Declining-Balance (Simple Interest) Method Add-On Interest Method Discount Interest Method What If You Don't Pay? Phone Calls and Notices Demand Letter Acceleration Clause Repossession Sale of Assets Judgement for Deficiency Balance ...
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