I am a community college prof in economics and I am putting together a lesson plan in a course on personal debt control. Any suggestions are welcome. feel free to toss in some ideas, good or bad. the outline might read: types of debt types of assistance (bk lawyers, settlement, repair, etc) the basics of the laws (facta, etc) reading a credit report
College Course Please, please, please, have a segment on Predatory lending and do's and don'ts of getting a mortgage, junk fees, etc. Maybe they are too young to buy a house, now, but maybe when they are ready to buy it will come back to them. One other thing, teach them to" pay it forward " and help their communities. Thanks for letting me get on my soapbox! Kerry
I think you should start off with the basics; what is a credit card, what types there are, what do the interest rates mean to me? Move into budgeting and financial planning a bit. Review what a credit report is, how to read one, what is credit score, and what does it mean? What is reported, what is not reported, etc. Once the foundation of what credit "is", and what it costs, then move into "when it goes bad". Review the laws of FCRA, FDCPA, FACTA, etc. Review "statutes of limitations, and etc. Go over how to dispute a CRA tradeline. You can then move into the "heavy stuff" of BK, law suits, etc.
And give the other side as well. Try to live below your means and save some money. Show the power of compound interest. It's always interesting to show both sides of compound interest--how putting money away when you are young will greatly enhance your retirement funds, but how charging things on a credit card and paying only minimuns will do the same thing AGAINST you as the balances keep compounding.
dvdbrett, We would appreciate if you let your students know that Creditnet is an online credit resource for them, whether they're looking for credit cards, credit scores, credit reports, or free advice and guidance from members of this board. Kudos to you for offering such a necessary class for students so they can start off on the right foot with the right knowledge. Creditnet
I guess I would include the dangers of teaser rates and balloon payments, and paying off debts with credit cards and even with second mortgages. Consumers should know what their basic protections are based on the laws, what kind of treatment they are entitled to by CA's. what laws should be included? to what extent should they be taught? At which point is the ave consumer better off with an attorney? The difference between an OC, CA, JDB, etc. more ideas are still welcome...
