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					Taylor DiSabatino

444 1-14

Ch 18

   1. Some consequences of excessive debt are giving things up or being denied a loan of something
   2. The responsibilities that creditors have toward consumers is they have to help the consumers
       and tell them exactly what is in the agreement
   3. The liability and responsibility if my credit card is stolen or lost is to notify the creditors and
       follow up with a letter so you have written evidence of the notification.
   4. To protect the cards from unauthorized use is to tear up any carbon that contains account info,
       don’t lend the card to anyone, destroy the cards by cutting them up, don’t give card numbers to
       people on the phone, and keep sales receipts.
   5. To have protection online is to only deal with companies that you know and trust and look for
       the safety symbol.
   6. Things to do to avoid unnecessary credit costs are accepting only the amount of credit you
       need, make more then the minimum payment, don’t increase spending when your income
       increases, keep the number of credit cards to a minimum, pay cash for purchases under $25,
       understand cost of credit, and shop for loans.
   7. It is important to make more then the minimum payment because the money you don’t spend
       becomes interest.
   8. Less money
   9. Unused credit can work against you because when it comes time to get a loan, the people wont
       know if they can trust you or not
   10. Affect the cost or interest rate you’ll have to pay to get a loan: source of credit, ability to repay
       debt, type of credit selected, collateral, prime rate, economic conditions, and the business costs
       of providing credit.
   11. I=pxrxt
   12. 2.n.f/p(n+1)
   13. The money
   14. The 3 methods for determining the finance charge on revolving credit are adjusts balance
       method, previous balance method, or the average daily balance method

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