# CTE Resource Center - Verso - Economics and Personal Finance Task 1537870979

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Identify strategies for effective debt management, including sources of assistance.

Definition

Identification should include strategies such as
  • maintaining a record-keeping system
  • avoiding penalties
  • using early payoff, if advantageous
  • ensuring against identity theft
  • avoiding debt problems (e.g., liens, foreclosures, garnishments, repossessions, evictions).
Identification should include sources of assistance such as
  • guidelines distinguishing between legitimate credit denial vs. discrimination
  • the right to appeal a credit denial
  • laws that can protect consumers who have credit problems
  • ramifications of bankruptcy laws
  • telephone directory listings and Internet sites for credit counseling services and commercial debt-adjustment firms that can help clients address credit problems, manage debt, and rebuild credit.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.13

The student will demonstrate knowledge of credit and loan functions by
  1. evaluating the various methods of financing a purchase;
  2. analyzing credit card features and their impact on personal financial planning;
  3. identifying qualifications needed to obtain credit;
  4. identifying basic provisions of credit and loan laws;
  5. comparing terms and conditions of various sources of consumer credit;
  6. identifying strategies for effective debt management, including sources of assistance;
  7. explaining the need for a good credit rating;
  8. comparing the costs and conditions of secured and unsecured loans; and
  9. comparing the types of voluntary and involuntary bankruptcy and the implications of each.

FBLA Competitive Events and Activities Areas

Accounting I

 

Accounting II

 

Banking and Financial Systems

 

Business Calculations

 

Business Law

 

Business Math

 

Economics

 

Introduction to Business

 

Personal Finance