About This Chapter
Consumer Credit - Chapter Summary
Our instructors have developed fun lessons you can access any time to strengthen your understanding of consumer credit. Explore these lessons to gain greater insight into credit eligibility, consequences of misuse and more. In no time, you'll be ready to do the following:
- List and discuss differences between types of consumer credit
- Identify and describe factors that affect credit worthiness
- Exhibit knowledge of credit and debt in personal finance
- Detail the laws and services associated with credit protection
- Describe the personal credit report and its contributing factors
All the lessons in this chapter are available in two formats: short videos and full transcripts. Feel free to study using one or both formats, depending on your personal preferences. Take advantage of our multiple-choice quizzes, which allow you to quickly gauge your knowledge of key lesson concepts. For a broader review of the lessons, be sure to take our comprehensive practice exam.
1. Consumer Credit: Types & Differences
In this lesson, we'll discuss creditworthiness and different types of consumer credit: installment, non-installment, and revolving credit. You'll also learn about repayment requirements for each and if there's a cost to borrowing the money.
2. Factors That Affect Credit Worthiness
Access to credit to pay for education, a house, a car or other items is an important part of managing personal finances. In this lesson, you'll learn what factors lenders consider when deciding whether to loan someone money and what interest rate they will charge.
3. Credit & Debt in Personal Finance
Credit and debt are the foundation of any form of finance. This lesson highlights the pros and cons of credit and debt as they pertain to personal finance.
4. What Is Credit Protection? - Laws & Services
Credit protection is a form of consumer protection that is designed to help preserve credit health for both individuals and businesses. This lesson discusses the laws and services involved in credit protection as well as the FTC's role.
5. Personal Credit Report: Explanation of Contributing Factors
In this lesson, we'll discuss your credit report and score. You'll also learn about the contributing factors of history, maximization, time, and composition.
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Other chapters within the OAE Family & Consumer Sciences (022): Study Guide & Practice course
- Human Development & Genetics
- Dimensions of Development Across Childhood
- Dimensions of Development Across Adulthood
- Interpersonal Relationships & Communication
- Families & Well-Being
- Planning for Pregnancy, Childbirth & Parenting
- Parenting, Children's Health & Safety
- Personal Budgets, Banking & Insurance
- Financial Resource Management
- Economics & Consumerism
- Consumer Skills
- Housing, Interiors & Furniture
- Textiles & Apparel
- Nutrient Sources & Functions
- Basics of Nutrition & Food Science
- Food Safety & Sanitation
- Food Preparation & Menu Planning
- Family & Consumer Science Careers
- Employment & Employability Skills