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Personal Finance

Personal Finance. Unit 4-Credit Chp. 10 Day 12. Identity Theft. Involves using someone else’s identity to get cash or buy products using credit, or to access financial accounts that belong to the victim. Identity Theft. How it Happens:

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Personal Finance

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  1. Personal Finance Unit 4-Credit Chp. 10 Day 12

  2. Identity Theft • Involves using someone else’s identity to get cash or buy products using credit, or to access financial accounts that belong to the victim.

  3. Identity Theft • How it Happens: • All criminals need is your Social Security number, your driver’s license, or your credit card number to open charge accounts in your name. • If your identity is stolen, the businesses that extended the credit are responsible for the debts.

  4. Identity Theft • How to Protect Yourself: • Guard your personal documents. • Never give out your social security number unless absolutely necessary. • Keep track of your credit card bills.

  5. Identity Theft • What should you do if it happens to you? • Immediately report the theft of your identity to the three major credit bureaus. • Report the theft to law enforcement agencies. • Contact your bank and other lending institutions that have accounts in your name. • Call the Federal Trade Commission’s ID theft hotline or visit their web site to file an online complaint.

  6. Help for Credit Problems • Debt consolidation loan-loan designed to pay off all the smaller loans you have and give you one payment to make each month. • Payments are extended over a longer period of time making the monthly payment smaller.

  7. Cost of a Debt Consolidation Loan • You pay more with this loan because it takes you longer to pay it off. • Don’t let the smaller payment trick you into thinking that you can go out and spend more.

  8. Help for Credit Problems (cont.) • Credit Counseling Services • National Foundation for Credit Counseling (NFCC)

  9. Bankruptcy • A legal process in which people who cannot pay their debts must surrender most of their property. • The court then sells the property to pay the debts. • The consumer is then not required to pay the rest of the debt. • Stays on your record for 10 years. • During that time it will be difficult to obtain credit. If you do, it will be expensive. • Consider only as a last resort when trying to get out of debt!

  10. Assignment • Unit 4 Exam on Chp. 10 Credit-Wednesday.

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