Laws Protecting Borrowers pt.1
The first, of a series of major federal laws, that greatly expanded the government’s role in protecting users of consumer credit in 1968.
What is The Truth in Lending Act?
This act was an addition to the Truth in Lending Act.
What is the Equal Credit Opportunity Act?
This is the state of legally having been declared unable to pay off debts owed with available income
What is bankruptcy?
Financial Guru and author of Financial Peace and The Total Money makeover.
Who is Dave Ramsey?
To protect consumers, th federal and state governemnts regulate the _______________.
What is the credit industry?
The Truth in Lending Act required creditors to keep consumers fully informed about costs and conditions of ______.
What is borrowing?
Usury Law.
What is a law restricting the amount of interest that can be charged for credit?
When a bankruptcy is approved through a bankruptcy court, this must happen.
What is to give up most of what the debtor owns?
Radio talk show by Dave Ramsey.
What is The Dave Ramsey Show?
On this year, Congress passed amendments to federal bankruptcy laws.
What is 2005?
ECOA
what is The Equal Credit Opportunity Act?
Maximum rates on charge accounts and credit cards are often this percentage per year.
What is 18%?
If you declare personal bankruptcy, the proceedings remain on the record record for this amount of years.
What is 10 years?
A program, by Dave Ramsey, to help people get out of debt.
What is Financial Peace University?
Borrowers can run into trouble if they dont understand how this works.
What is credit?
The Equal Credit Opportunity Act made sure that those that provide credit cannot deny you such credit solely based on your _____. (hint: 6 terms)
DAILY DOUBLE
What is race, religion, national origin, gender, marital status, or age?
Consumer finance agencies often charge higher rates becasue of this reason.
What is their loans involve higher risks?
During the period where you declare personal bankruptcy, it is very difficult to reestablish ____ and borrow funds for items such as a new car or a home.
What is credit?
This year Dave Ramsey established a consumer counseling service to help others who were suffering from financial stress.
What is 1988?
This act guarantees you access to a free credit report from each of the three nationwide reporting agencies.
What is the Fair Credit Reporting Act?
This number of people are allowed to deny you credit because your income might come from public assistance benefits.
What are 0 people?
Maximum rates on charge accounts and credit cards are often this percentage per month.
What is 1.5%?
What certain debt must ALWAYS be paid?
Dave lost this amount of money in the real estate.
DAILY DOUBLE
What is $4 Million?
Before this act, many creditors would not approve a married women for credit unless her husband signed the application too.
What is the Equal Credit Opportunity Act of 1974?