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Managing Your Money

Managing Your Money. Principles of Law Student Name:. INSTRUCTIONS:. Locate the website for the NJ State Bar Foundation at www.njsbf.org Open the new publication entitled: Turning 18 in New Jersey Scroll down to Chapter 4, Managing Your Money on page 19

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Managing Your Money

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  1. Managing Your Money Principles of Law Student Name:

  2. INSTRUCTIONS: • Locate the website for the NJ State Bar Foundation at www.njsbf.org • Open the new publication entitled: Turning 18 in New Jersey • Scroll down to Chapter 4, Managing Your Money on page 19 • Open the PowerPoint presentation from Mrs. Pollison’s webpage: Managing Your Money PP • Fill in the missing information in the PP from the brochure.

  3. CREDIT:The fundamental understanding of credit is that you • Credit is important to have in order to: (examples) • 1. • 2. • 3.

  4. Bank Accounts and Debit Cards • The 1st step in establishing good credit is to set up a ________________. • _________________ is available at most banks in case you spend more money than you have in your account. • You can arrange through your job to have your paycheck ___________________ into your account. • A card supplied by your bank that withdraws $$ directly from your checking account when used is called a __________________.

  5. Credit Cards: 2nd step in establishing credit. • Shop around for your first credit card! List 3 considerations: • 1. • 2. • 3. • A credit card allows you to carry over portions of your balance from one month to the next as long as you pay a minimum amount each month. • The law protects you (if you are 18 or older) from being denied credit based on:

  6. Disputed Credit Card Charges: • If any charges are wrong or inaccurate on you credit card statement, you should follow these steps to resolve the issue:

  7. Fair Credit Practices Act • You can order one free credit report per year from each of the 3 major credit bureaus! The website is: The 3 major national credit reporting bureaus and their websites are: 1. 2. 3.

  8. Fair Credit Reporting Act • It is your right to notify the credit bureaus if you find incorrect information on your credit report and they are required to investigate & correct inaccuracies!! • Your 1st step should be:

  9. Falling Behind?? • Your first step when falling behind in paying off credit card should be to contact _________________. • A collection agency may be hired to obtain the money from you. • The Fair Debt Collection Practices Act prohibits debt collectors from contacting you outside of the 8 am to 9 pm timeframe.

  10. Bankruptcy (list characteristics) Chapter 7 Chapter 13

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