Street Law: A Course in Practical Law

Chapter 25: Credit and Other Financial Services

Cases and Resources

The Basics About Bank Accounts
Banking Fees
An Introduction to Credit
Paying for College
The Cost of Credit
What Lenders Want to Know Before Extending Credit
What to Do If You Are Denied Credit
Default and Collection Practices

The Basics About Bank Accounts
Banking Basics
Read about basic types of accounts at banks and what needs each account best serves. Some types of accounts are better if you plan to leave your money in the bank, while others are better if you plan to spend your money.

Electronic Fund Transfer Act
Read the Electronic Fund Transfer Act and learn how to protect yourself from computer errors. Learn about electronic funds transfer issues and your rights.

Banking Fees
Daily Finance
Read articles from Daily Finance and USA Today about rising banking fees. Banks charge fees to earn more money from your business. Learn ways that you can avoid paying banking fees.

Shopping with Your ATM Card
Learn about the various ways you can use an ATM card when shopping. How are ATM cards similar to credit cards? How are they different? What are the safety precautions you should take to protect your ATM card and your money?

Lost or Stolen Credit or ATM Cards
Learn what you may be responsible for if your cards are lost or stolen. What is the advantage of reporting a lost or stolen credit card immediately? What federal laws are in place to protect a consumer who has lost a card or had a card stolen?

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An Introduction to Credit
Consumer Jungle: Credit
This site is for young people to learn about credit and managing credit cards. Explore the credit section to learn how credit cards work and how young people can responsibly use credit.

Choosing and Using Credit Cards
It is important to choose a credit card that best fits your needs. This link provides advice for consumers on how to choose the right credit card. It is important to understand credit card terms so that you know what your credit cards require of you.

Billing Errors and Overcharges
Review every bill you receive from a credit card company. Even though the billing process is computerized, mistakes do happen. You should be aware of what you are spending and where you are spending it so that you are able to recognize errors on your bill. This article explains how to correct errors on your bill.

The Fair Credit Billing Act
Read through the FCBA. What does this act protect? Read an explanation of the FCBA provided by the Federal Trade Commission.

Credit Card Use Tips
Read through these recommendations on when credit card use is appropriate and when it should be avoided. What are the signs of irresponsible credit card use?

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Paying for College
FAFSA (Free Application for Federal Student Aid)
Explore this site to learn about federal aid for students. The site allows you to access a FAFSA application and learn about the application process.

U.S. Department of Education
Use this site to find out about student financial assistance to pay for college. Learn about federal, state, and private programs that are available to students.

College Scholarship Search
There are many places on the Web to search for private or public college scholarships or financial assistance. Try this searching tool to see if any scholarships seem right for you.

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The Cost of Credit
The Cost of Your Debt
Use the calculators at this site to determine how much a loan at specific rate will cost you in the end, how long it will take you to pay off the balance on your credit card, and how much paying only the minimum on your credit card will cost you.

Federal Trade Commission: Knee Deep in Debt
Read this article about the epidemic of debt among consumers in this country and how to help yourself out of debt. What are some tips and warnings the FTC provides about consumer credit counseling?

The Truth in Lending Act
Read the Truth in Lending Act. What does this law require?

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What Lenders Want to Know Before Extending Credit
Credit Matters
Read the information on how to qualify for a credit card and your responsibilities once you qualify. Many young people do not have credit. What can they do to establish a positive credit history?

Equal Credit Opportunity Act
Read the Equal Credit Opportunity Act. Now review a general description of the ECOA. How does this act promote equal opportunity to obtain credit?

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What to Do If You Are Denied Credit
Credit Scoring
Explore how companies decide whether or not to extend credit to an individual. What can you do to improve your chances of receiving credit?

Your Credit Report and Disputing Errors
If you are denied credit, obtain a copy of your credit report. It is possible that there are errors in your credit history that are preventing you from obtaining credit. This link explains how to get a copy of your credit report and correct errors in your history.

The Fair Credit Reporting Act
Read the Fair Credit Reporting Act. How does this act protect you?

The Fair and Accurate Credit Transactions Act
Read this act. How does this change the Fair Credit Reporting Act?

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Default and Collection Practices
CBS News: Dealing with Personal Debt
Many Americans struggle with personal debt and must decide how to pay off the debt. This news article discusses debt among Americans and the options available for resolving debt.

Consumer Bankruptcy
Filing for bankruptcy is a serious action. Read about the consequences of bankruptcy, how long filing for bankruptcy stays on your credit report, and alternatives to bankruptcy.

Fair Debt Collection Practices Act
Read the Fair Debt Collection Practices Act. This act is meant to regulate debt collection . What limits does this act place on creditors who are pursuing debtors?

Wage Garnishment Act
Read the Wage Garnishment Act. How does this act protect you?

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