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Personal Finance #4-Credit: Sources, Costs, Pros & Cons
Rating: 4.3 out of 5(15 ratings)
13,057 students

Personal Finance #4-Credit: Sources, Costs, Pros & Cons

Learn about debt and credit related, personal finance decisions, from a Certified Public Accountant (CPA)
Created byRobert (Bob) Steele
Last updated 9/2022
English

What you'll learn

  • Describe and define credit
  • List and explain credit advantages and disadvantages
  • Understand closed end credit and open end credit
  • List different loan types and describe their pros and cons
  • List types of financial institutions and explain their pros and con
  • List and explain the 5 C's of credit history
  • Explain the Equal Credit Opportunity Act (ECOA)
  • Describe loan components and the trade offs of them
  • Calculate different interest calculation methods
  • List and identify debt problem warning signs

Course content

3 sections • 43 lectures • 7h 41m total length

  • 5100 Consumer Credit Overview6:03
  • 5110 Credit Advantages & Disadvantages12:08
  • 5115 Closed-End Credit vs Open-End Credit4:06
  • 5120 Loan Types & Institutions Commercial Banks15:30
  • 5125 Loan Types & Institutions Consumer Finance Companies6:22
  • 5130 Loan Types & Institutions Credit Unions5:03

    Explore how credit unions provide member-focused lending with options like personal installment loans, credit card loans, and mortgages, including collateral, cosigners, payroll deductions, and committee-approved loan decisions.

  • 5135 Loan Types & Institutions Life Insurance Companies4:53
  • 5140 Loan Types & Institutions Federal Savings Bank3:36
  • 5145 Loan Options by Expense Level2:25
  • 5150 5 C's of Credit Credit History9:03

    Learn the five c's of credit with emphasis on credit history, its impact on loan terms and rates, and how to access your credit report and score.

  • 5155 Credit Scores & How They're Calculated9:07
  • 5160 5 C's of Credit Capacity15:44
  • 5165 5 C's of Credit - Collateral5:47
  • 5170 5 C's of Credit Capital4:56
  • 5175 5 C's of Credit Conditions3:24
  • 5180 Equal Credit Opportunity Act (ECOA)14:36
  • 5190 Options if Denied Credit9:50
  • 5195 Cost of Credit9:05
  • 5200 Loan Components and Trade Offs10:56
  • 5210 Interest Calculation Methods15:02
  • 5215 Credit Billing Error & Disputes5:18
  • 5220 Credit & What to do if Identity is Stolen4:07
  • 5225 Protecting Your Credit From Theft or Loss10:18
  • 5230 Cosigning a Loan3:34
  • 5235 Debt Problem Warning Signs6:59
  • 5240 Financial Counseling Services6:15

    credit counseling services provide financial education, budgeting, and debt management plans through nonprofit agencies; these plans consolidate debt into a single monthly payment with potential lower interest.

  • 5250 Declaring Personal Bankruptcy9:44

Requirements

  • None

Description

This course will focus on tools to help with personal financial decisions related to debt and credit.

Learners will understand the advantages and disadvantages of using credit, as well as the associated costs of using credit.

We will discuss credit-related terms like closed-end credit, open-end credit, and different loan types. Learners will also understand what financial institutions are, the differences in how different types of financial institutions operate, and which financial institutions may be best for their personal debt-related needs.

The course will cover factors that generally have an impact on an individual's ability to access credit, including the 5 C's of credit capacity:

1. Character

2. Capacity

3. Capital

4. Collateral

5. Conditions

Learners will learn about the equal credit opportunity act (ECOA). We will also discuss options for an individual if denied credit.

The course will discuss credit costs, loan components, and trade-offs when making credit-related decisions.

We will also look at interest calculation methods, a critical topic for understanding personal financing and making beneficial financial decisions.

The course will include example problems to make concepts more concrete.

It will also have practice problems, including downloadable Excel Workbooks, which users may also open using Google Sheets.

The Excel Workbooks will generally have at least two tabs. One tab will have the answer key so learners can deconstruct the problem. The second tab is where we work the practice problem step-by-step along with the instructional videos.

Who this course is for:

  • Individuals
  • Personal finance professionals

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