HUMS 202 Lecture Notes - Lecture 10: Credit Counseling, Identity Theft
Document Summary
Evaluate current financial situation, amnt and source of income, date recieve income, how prioritize and spend income, how much overspending each month. If can"t afford mortgage/rent payment contact lender of landlord immediately to explain situation and negotiate payment plan or contact hud to locate a hud-approved counselor. Can"t make car payment sell car to pay off loan to avoid repossession expenses. High priority expenses: insurance for home, car, health and life; medical expenses: develop financial recovery plan, org. financial goals by timeframes, evaluate progress and goals. Identity theft: file report w/ police & get copy of report, contact creditors about any accounts that"ve been changed, follow up in writing and include supporting documents, use identity theft affidavi, file complaint w/ ftc. Credit counseling agencies used to help with budgeting help w/ managing money/debt, develop budget, learn about consumer credit, money and debt management. Review budget plan w/in 2 months of implementing and then every 6 months after.
