Chapter 24
Groups that defend, educate, and protect consumers
Who are "consumer advocates"?
The fee that creditors charge debtors for the use of their money
What is "interest"?
You have to be this age to open your own credit card.
What is "18"?
Requires creditors to inform consumers about cost and terms of credit
Provides protection if card is lost or stolen
Advertisements for credit must communicate fair and comprehensive information about true cost of the credit, including number of payments, payment amount, and period of payments
What is the "Truth in Lending Law" OR the "Consumer Credit Protection Act"?
The "3Cs" of creditworthiness
Capacity
Capital
Character
Enforces federal trust and consumer protection laws by investigating complaints
What is "the FTC (The Federal Trade Commission)"?
Credit used by a business.
What is "commercial credit"?
Credit cards may be necessary when...
What is "booking hotels" OR "renting cars" OR "making a large purchase" OR "in an emergency"?
States that applicants can be judged based only on financial responsibility
No person can be denied based on marital status, gender, age, ethnicity, religion, or receipt of public assistance
What is the "Equal Credit Opportunity Act"?
Law restricting the amount of interest that can be charged for credit
What is a "usury law"?
Responsible for regulating the labeling and safety of food, drugs, cosmetics, dietary supplements, and medical supplies.
What is "the FDA (Food and Drug Administration)"?
Specialize in loans for people who may not be able to get credit elsewhere; greater risk
What is a "Consumer Finance Company"?
Someone who is responsible for your debt if you do not repay it
Who is "a cosigner"?
Regulates collection agencies
Prevents deception, harassment, and other unfair processes used by debt collection agencies
What is the "FDCPA" OR "Fair Debt Collection Practices Act"?
On average, women make ______ cents for every dollar that a man makes. (The pay gap is wider for women of color).
What is "80"?
The NCL stands for...
What is "the National Consumers League"?
Must be paid off in full; accepted worldwide for expenses connected with travel, business, and entertainment; often have an annual fee that is higher than a multipurpose card
What is a "Travel or Entertainment Card"?
When your wages (money from your paycheck) are taken until your debt is paid off.
What is "garnishment of wages"?
Name three things that you should do if your identity is stolen.
Contact the Credit Bureaus,
Contact the Creditors,
File a Police Report
The Spokeswoman for the Capital One card.
Who is "Jennifer Garner"?
Responsible for giving food a grade to indicate quality.
What is "the USDA (United States Department of Agriculture)"?
A "good" or "excellent" credit rating falls in this range.
What is "700 - 850"?
TRUE or FALSE
Mortgage loans and car loans are both UNSECURED loans.
FALSE
They are both SECURED.
Debtor, creditor, court-appointed trustee develop a plan to repay debt in installments; debtor keeps more assets with this form of bankruptcy.
The percentage of the population in the United States that reports being in some sort of debt (credit card, loans, mortgage, etc.).