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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
Note
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