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Dumping Debt Discussion Questions & Case Studies Due 04-03-2008
Type the Discussion Questions on page 56 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 56 of your Financial Peace Workbook and answer them in a complete sentence.
15 comments:
Type the Discussion Questions on page 56 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 56 of your Financial Peace Workbook and answer them in a complete sentence.
Why do people go into debt when they know that they will have to pay more for an item once they figure on interest? I think that people go into debt so that they don’t have to pay upfront for whatever they are buying.
Why are teens a major target in the credit card industry? They think they need the money for school supplies and stuff.
You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car? If it were me, I would buy a new car.
What is the best way to avoid feeling like you have to use credit and how will you approach credit card offers you receive as you get older? Use cash. I will cut up the card and throw it away in the trash.
DISCUSSION
1.Why do people go into debt when they know that they will have to pay more for an item once they figure in intrest?
-Because people make dumb mistakes.
2.Why are teens the major target of the credit card industry?
-Because they try to get teens attatched so they will stay with the company longer.
3.You have just paid off your car debt but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
-Buy a used car not older than 2 or 3 years.
4.What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you recieve as you get older?
-Pay with cash or don't buy it, and deny all of the offers you recieve as you get older.
CASE STUDIES
1. Janie is getting married very soon. She and her fiance want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He can not qualify do to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
-I would tell them to ask his parents for advice since they are well off, ask what they did.
2.Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his relative's condition? What would you say to mike?
-Mike, You are stupid. Don't do either one of your plans, TAKE the card back! Don't be considerit of him, he was not consideret of you when you loaned it to him.
1. Why do people go into debt when they know that they will have to pay more for an item once thay figure in interest? because at the time thats what they might think would be the right thing to do. most of the younger adults do this because the lack of experience.
2. Why are teens a major target in the credit card industry? because teens have a lot to pay for like college etc. and they also make stupid decision with the card.
3.You have just paid off your car but it needs repair. Should you fix it up and take a chance on lots of repair bills in the future or buy a new one. you should fix it up and take a chance with the car, because it would cost more to pay for a new car.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you recieve as you get older. you just need to start paying with cash. when you get older you have more cash so you will be able to skip credit offers.
1. Janie is getting married very soon. She and her fiance want to buy a home but she is unable to qulify for a morgage due to her bed credit. He cannot qualify due to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. what would you tell this young couple? work overtime or get an extra job so you can pay off the credit and have a better income. it will all be good if you do that.
2. Mike has a relative that has a terminal illness and he let him use his credit card.
This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his conditions? What would you say to mike? Yes i would ask for it back. i wouldnt have gave him my credit card. i would let him borrow money but not my credit card.
Type the Discussion Questions on page 56 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 56 of your Financial Peace Workbook and answer them in a complete sentence.
1. Janie is getting married very soon. She and her fiancé went to buy a home but she is unable to qualify for a mortgage due to her bad credit. He cannot qualify due to his low income. His parents are willing to co-sign as they are very well off and want to help them get started on their new life together. What would you tell this young couple?
I would tell the fiancé to get a couple more jobs so he will have a higher income, then they could qualify for a mortgage.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his relative’s condition. What should you say to Mike?
I would tell Mike that he should ask for the card back, but ask for it nicely.
Discussion:
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
-People look at debt as a way to move up in the world.
2. Why are teens a Major target in the credit card industry?
-They become attached to their card and never get rid of it.
3.You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a car?
-If it is I minor repair i will fix it if not i will buy another car.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older?
-I will get a checking account and a debit card to avoid credit unless buying a new car.
Case Studies:
1. Janie is getting married very soon. She and her fiance want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He cannot qualify due to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
-To find ways to get good credit and save money to get a house you should never co-sign with anybody plus your lender may not loan them the money just borrow the money if your parents have it and then pay it back.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. he wants to know if he should ask for the card back or just ride out the srorm considering his relative's condition? What would you say to Mike?
-Yes you should get your credit card back if he runs up your limit your at risk for debt and bad credit. You are placing that person in bondage.
Type the Discussion Questions on page 56 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 56 of your Financial Peace Workbook and answer them in a complete sentence.
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
It is because they want the item so bad that they do not care of the price.
2. Why are teens a major target in the credit card industry?
They think that because they have a plastic card that they are free and are grown up enough to use anything their parents will let them have.
3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
You fix it because it might not be that much to fix it as you think it will be.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older?
Im not very sure, I think you just have to know that credit cards can get you into trouble and do not use them.
1. Janie is getting married very soon. She and her fiancé want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He cannot qualify due to his low income. His parents are willing to cosign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
I would help him get a better job but I would still help them.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out of the storm considering his relative’s condition? What would you say to Mike?
Well considering the situation, I think I would tell Mike to wait it out and see what happens next. Being the Christian person that I am I would want my neighbor to get well before I worried about all the money that I am losing.
Discussion
• 1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
* Most people don’t think about the problems in the future they just think about how bad they won’t something at that time.
• 2. Why are teens a major target in the credit card industry?
* Because most teens shop and go places. Also, teens these days are spoiled and beg their parents to get their way. These days most parents give in because they think their kids will “HATE” them. ( I forbid that to happen ) by all means SPOIL your kids ROTTEN!!!!!!!! (not really)
• 3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car.
* I think if you know what your doing then buy the parts to fix it. If not there is still no need to buy a new car. Just take your car to a WELL trained mechanic.
• 4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older?
* Just know that you don’t want to be loaded with debt for the rest of your life. Or until you struggle to get out of it.
Case Studies
1. Janie is getting married very soon. She and her fiancé want to buy a home but she is unable to quality for a mortgage due to her bad credit. He cannot quality due to his low income. His parents are willing to so-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple.
* I would tell them to start working more hours or get extra jobs.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $40,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his relative’s condition? What would you say to Mike?
* $40,000 that’s ridiculous I don’t care if you have cancer I would not let ANYONE run my debt that high!
Discussion
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
-Because they dont worry about that stuff, they just want the stuff and do whatever to get ti.
2. Why are teens a major target in the credit card industry?
-Because teens now are the future of america. and they wont to go ahead and make teenagers think they need credit cards so that way when they can have credit cards they will want to get them.
3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
-You fix it and risk it. But if you have to you could buy a used car. But never a brand new one.
4. What is the best way to avoid feeling like you have to use credit and how will you approcah credit offers you receive as you get older?
-Dont ever use it and you wont feel like you have to use it. You will just ignore them.
Case Studies
1. Janie is gettin gmarried very soon. She and her fiance want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He cannot qualify due to his low income. His parents are willing to co-sign as they are very well off adn watn to help get them started on their new life together. What would you tell this young couple?
-I would tell them not to let anyone co-sign with them, that if they want it they will have to get it their selves. And just wait and eventually they will get out a debt and get a good paying job so they can afford one.
2. Mike has a relatibe that has a terminal illness and he let him use his credit card. This relative has already put over $4000 on this card adn shows no sing of stopping. Mie is scared. He wants to know if he should ask for the card back or jsut ride ut the storm considerin ghis relative's condition? What should you sau to mike?
- I would tell him to go get his credit card back and make the relative pay for every penny he put on the card without your consent. Even though he has a illness he still know's what he was doing putting all of that money on your card, and he probably dont plan on even paying you back for everything. Or you could just call the police adn tell them that somebody stole you credit card and maybe the bank would reinburse your card and all of the money.
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest? Because they don’t really think about it till its too late.
2. Why are teens a major target in the credit card industry? Because they are so gullible.
3. You have just paid off your car but it needs some repairs. Should you fix I up and take a chance on lots of repair bills in the future or buy a new car? NO! You should figure out if you have enoif.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older? Use cash, and don’t get what you don’t need.
1. Janie is getting married very soon. She and her fiancé want to buy a home but she is unable qualify for a mortgage due to her bad credit. he cannot qualify due to hislow income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple? Not to mess up at all, they could mess up there parents stuff as well as theres.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4000 in this card and shows no sign of stopping. Mike is scared. he wants to know if he should ask for the card back or just ride out the storm considering his relatives condition? What would you say to mike? I would ask for it back. I would tell him im sorry but I need it back.
Discussion
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interst?
-I think they think they'll have the money to pay it off.
2. Why are teens a major target in the credit card industry?
-Because teenagers feel they can spend as much as they can if they have a credit card.
3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
-I could fix up the car if it's not in that bad of shape.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you recieve as you get older?
-Try to spend cash instead of using the credit.
Case Studies
1. Janie is getting married very soon. She and her fiance want to buy a hone but she is unable to qualify for a mortgage due to her bad credit. he cannot qualify due to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
-I would tell them to pray and hope their parents will help out.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this credit and shows no sign of stopping. Mile is scared. He want to know if he should as for the card back or just ride out the storm considering his relative's condition? What would you say to Mike?
-I wouldn't of given him the credit card and just let you use it for him when he needs it so he wouldn't have this problem.
Type the Discussion Questions on page 56 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 56 of your Financial Peace Workbook and answer them in a complete sentence.
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest? Some people have times when they really need something, and they really can’t help going into debt.
2. Why are teens a major target in the credit card industry? They are more impressionable than adults are, and they are the next generation.
3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car? Get your car fixed, a new car would be totally useless right now.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older? To be confident in your abilities, and know that you have been there before, and its really hard to get out of that situation,
1. Janie is getting married very soon. She and her fiancé want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He cannot qualify due to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple? I would tell them not to get help from his parents. And to wait until they can afford a new home before buying it.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4000 on this card and shows no sign of stopping. Mike is scared and wants to know if he should ask for the card back or just ride out the storm considering the relatives condition? What would you say to Mike? To get his relative to pay off the debt and then get rid of the credit card as soon as possible.
1.Why do people go into debt when they know that they will have to pay more for an item once they figure in intrest?
-Because they do not think things through.
2.Why are teens the major target of the credit card industry?
- Teenagers have no self control and will apply everything as an "emergency".
3.You have just paid off your car debt but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
- If it's super old, buy a used car. If it's worth it, repair it.
4.What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you recieve as you get older?
- Don't get a card :D and I will definately turn them down. Debit all the way!
CASE STUDIES
1. Janie is getting married very soon. She and her fiance want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He can not qualify do to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
- Ask for advice, but to do it on their own.
2.Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his relative's condition? What would you say to mike?
- STUPIDITY. You deserve it for giving him the card in the first place. You asked for it when you gave him an object that literally has no limit (well until you run out of money ;3)
Discussion
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
Most people don’t think about the problems in the future they just think about how bad they won’t something at that time. All they think about is what they want at that moment.
2. Why are teens a major target in the credit card industry?
I think it’s because most teens shop and go places all of the time.
3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car.
I think if you know what you’re doing then buy the parts to fix it. If it keeps adding up though get a new one.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older?
Just say no pretty much and avoid all offers.
Case Studies
1. Janie is getting married very soon. She and her fiancé want to buy a home but she is unable to quality for a mortgage due to her bad credit. He cannot quality due to his low income. His parents are willing to so-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
I would tell them to start working more hours or get extra jobs so they would have extra money.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $40,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his relative’s condition. What would you say to Mike?
$40,000 that’s a lot of money and I do not think that I would let anybody run my card up that high.
Discussion
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
-Because they don’t have the money for what they want right then so they get it now by leasing it and in the end having to pay the interest.
2. Why are teens the major target of the credit card industry?
-Because teens think having a credit card is cool and they want to be more like an adult.
3. You have just paid off your car debt but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
-Buy a used car not older than 2 or 3 years.
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older?
-Pay with cash or wait till you have the money to pay for it, and deny all of the offers you receive as you get older.
CASE STUDIES
1. Janie is getting married very soon. She and her fiancé want to buy a home but she is unable to qualify for a mortgage due to her bad credit. He can not qualify do to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
-I would tell them to ask his parents for advice since they are well off, ask what they did.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this card and shows no sign of stopping. Mike is scared. He wants to know if he should ask for the card back or just ride out the storm considering his relative's condition. What would you say to mike?
-I would tell Mike to take the card back as soon as possible. His relative is dumb for putting all that debt on someone else’s card, relative or not.
Discussion
1. Why do people go into debt when they know that they will have to pay more for an item once they figure in interest?
-Because they think will pay it off before the interest gets them.
2. Why are teens a major target in the credit card industry?
-Because they know most teens do not really know how long it takes to pay back on debt.
3. You have just paid off your car but it needs some repairs. Should you fix it up and take a chance on lots of repair bills in the future or buy a new car?
-I could fix up the car or sell it and get a good 4 yr old used car in good condition
4. What is the best way to avoid feeling like you have to use credit and how will you approach credit offers you receive as you get older?
-I will never use a credit card and will always use cash or a debit card and will throw debit cards offers away.
Case Studies
1. Janie is getting married very soon. She and her fiancé want to buy a hone but she is unable to qualify for a mortgage due to her bad credit. He cannot qualify due to his low income. His parents are willing to co-sign as they are very well off and want to help get them started on their new life together. What would you tell this young couple?
-To rent a place or live with there parents til they get on there feet and have some money saved up.
2. Mike has a relative that has a terminal illness and he let him use his credit card. This relative has already put over $4,000 on this credit and shows no sign of stopping. Mike is scared. He want to know if he should as for the card back or just ride out the storm considering his relative's condition? What would you say to Mike?
-I would let him keep spending and when the person died I would take the money and pay back the debt.
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