Personal finances

What is a Credit Bureau

A business that collects and distributes information about individuals and businesses to lenders. Establishes credit trust

What is an emergency fund

Money saved aside specifically for emergency purposes/unplanned expanses. 3-6 months saved up to spend on living expense

What is a Credit Report

The credit history of an individual

What is a Credit Score

A three digit score based on your credit report. Indicates a person’s credit risk

How do you build good credit

Pay your loans on time

What are Payday Loans

Financial services that offer fast cash to cover for emergency situations from paycheck to paycheck.

What is the APR% for a typical Payday Loan in Texas

661%

Where are Payday storefronts more likely to be located

Military recruitment, lower income areas

What did Ben Franklin say about taxes

Nothing in this world is said to be certain except for death and taxes

What are the big 3 things Americans spend their money on

Housing, transportation, food

In 2017, about 44 percent of service members received a payday loan. The Military Lending Act was enacted in 2006 and expanded in 2015. This federal law prohibits–

Payday lenders from charging active duty military members from being charged over 36% interest on loan products (ex: payday loans).

Telephone expenditures have become part of household budgets because

Phone services became a necessity.

In the United States, the authority to levy an income tax is found where

The constitution, 16th amendment

Explain Marginal Tax Rates

An percentage of additional earnings that goes into tax.

What is Compound Interest

**You earn interest** on the **initial amount**, **but also** on the **previous period's interest**