PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337117005
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Chapter 6, Problem 1FPE
Summary Introduction
To discuss: A plan for Person E that can be used to establish a strong credit history and the impact of student loan on the credit history.
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Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor or use caution?
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Chapter 6 Solutions
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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- Based on the information above should Billy open a checking account or a savings account? Explain your choice by citing at least 2 benefits of the account type you chose and why those benefits are a good fit for Billy's current situtation.arrow_forwardo Describe in detail how you are financing your college education. Include sources like scholarships, loans, family contributions, part- time jobs, savings, grants, etc. o How did you secure these financial resources? What challenges did you face in the process?arrow_forwardDirections: For each scenario, use the items in the tables to indicate whether the item will improve or decrease the individuals credit score. Then answer the question that follows. George just turned 21 and has applied for a few credit cards. Here are some details about his profileItem Improve or decrease credit scoreHe currently has 2 credit cards He got his first credit card 8 months ago He has no student loans He has applied for 4 credit cards in the last year (and had 2 applications accepted) He opened his last credit card 4 months ago All of his credit cards currently have a balance, as he has trouble paying off his card each month He has $5,000 currently outstanding on all his credit cards He missed a payment in the last three months when he forgot to notify the card company that he had recently moved out of his apartment. He was 30 days behind on making a payment. He has no cards currently past due His credit card balances of $5,000 are about 55%…arrow_forward
- Our credit reports and credit scores have important consequence in our lives. Each of those examples IS NOT affected by your credit? Opening an IRA (Individual Retirement Account) Applying for a mortgage Renting a new place Purchasing auto insurancearrow_forwardPlease help me to write a short essay on: Compose a 500 – 750-word paper defining credit discrimination, identifying protected classes, exploring its history, and its impact on the protected classes. Your paper should address the following – Define credit discrimination and identify protect classes. What impact has the lack of credit access or affordable credit had on protected classes? How has the practice of credit discrimination contributed to social injustice in the past? Does this remain a factor today? Explore the current and potential future impact of credit on your personal financial position. What steps can you take to protect and improve your credit?arrow_forwardIf you were a wise credit card user, under which of the following conditions would you consider using a credit card to finance an expensive purchase? a. If I haven't reached my credit limit and I really want to item b.If I believe my money situation will be better (for example, a better-paying job) in the future than it is now. c.If I have the money to pay for the item in my bank account and plan to immediately pay the balance in full. d. If my card has good rewards on it.arrow_forward
- Many credit cards offer features that are tailored to users' preferences and lifestyles. In the following situations, identify which credit card is a good choice to achieve the user's goal. Special Bank Credit Cards for Different Lifestyles and Preferences Beth has a history of charging a lot on her credit card and doesn't carry a high monthly balance. Beth loves cars and plans to trade in her cars every two years, if not more often, for new ones. Which credit card is the best choice? 0 0 A reward card with an automobile rebate program A secured card Any affinity card Why is that card the best choice? O Beth's low monthly balances will protect her collateral. O The high-charge volume will provide funding for Beth's favorite political organization. The high-charge volume will provide points to use toward supporting Beth's relatively expensive plans. It is January and Eleanor just realized that she forgot to make her annual contribution to her favorite charity. She wants to make sure she…arrow_forwardDetermine whether the following situation is an example of business loans or consumer loans b. Cruz decided to take her family for a vacation.to cover the expenses she decided to apply for a loan. O Business Loans O Consumer Loansarrow_forwardJudy is a 16-years old who just got her first job. She wants a credit card or debit card to spend money she will be earning. Judy’s parents worry about her spending money she doesn’t own, and don’t want her to accrue heavy interest. Which type of card should she get. a) Credit card with no fee b) A debit card Explain your choice:arrow_forward
- Suppose you are working in a bank that encourages customers to save money for their future. Your bank manager requested you to form a team and formulate a slogan to be used for this savings campaign. Write a short phrase or slogan to persuade people to open a savings account in the bank where you work.arrow_forwardYour older sister, Anna is trying to figure out how she's going to pay for college in theFall. Anna is going over her options with you one night and she narrows it down toeither putting her college education on your parents’ credit card or taking out astudent loan. Which one would you suggest and why?Anna then tells you a story about her friend, Chad. Chad has a Target credit card thathe opened a few months ago. The other day he tried to use his credit card to buypopcorn at the movies, but it was denied. Explain to your sister why this happened.arrow_forwardMaria will be a college sophomore next year, and she is determined to have her own credit card. She will not be employed during the school year but is convinced that she can pay for credit card expenses based on her summer earnings. Maria's parents have read a number of articles about the problems of credit cards and college students, including examples of students leaving school after a downward spiral of credit cards, overspending, working to pay bills, worrying about bills, working more hours to pay bills, and eventually withdrawing from school. When Maria showed up with a handful of applications including Visa, a Gold MasterCard, Discover, a Visa sponsored by her university, an American Express, a secured MasterCard, and a gas company card her parents were overwhelmed. Maria admitted she didn't want them all. "I'm not stupid," she declared. Since Maria obviously needed to learn about credit cards, her parents agreed to co-sign her application on one condition. She…arrow_forward
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