Credit & Debt Strategy Study Guide
A practical undergraduate course on credit and debt management: understanding credit scores and reports, building credit, types of credit and loans, interest rates and APR, student loan management, credit card strategy, debt reduction methods (avalanche, snowball), debt consolidation, bankruptcy basics, consumer protection laws, and long-term credit health planning.
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12 Topics Covered
Foundations of Credit
Understanding credit fundamentals, the credit ecosystem, bureaus, lenders, and why credit matters for financial success.
Credit Reports and Monitoring
Reading credit reports, understanding each section, disputing errors, and utilizing free monitoring tools effectively.
Credit Scores and Scoring Models
FICO components, VantageScore differences, score ranges, and how specific financial actions impact your scores.
Types of Credit and Loans
Revolving, installment, and open credit; secured versus unsecured loans; cosigning risks and predatory lending identification.
Interest Rates and Cost of Borrowing
APR versus APY, compound interest calculations, credit card interest methods, and the minimum payment trap.
Credit Card Strategy
Choosing appropriate cards, responsible usage practices, understanding statements, balance transfers, and fraud protection measures.
Student Loan Management
Federal versus private loans, repayment plans, income-driven options, forgiveness programs, and efficient payoff strategies.
Debt Reduction Methods
Avalanche versus snowball approaches, creating payoff plans, allocating extra payments, and maintaining motivation throughout.
Debt Consolidation and Refinancing
Consolidation loans, balance transfers, credit counseling, debt settlement risks, and identifying legitimate versus scam services.
Severe Debt Situations
Bankruptcy chapters, debt collection rights, wage garnishment, statute of limitations, and rebuilding credit afterward.
Consumer Credit Protection Laws
FCRA, FDCPA, TILA, ECOA, CARD Act provisions, CFPB resources, and identity theft prevention and recovery.
Long-Term Credit Health and Strategy
Building excellent credit, strategic account management, credit during major life events, and teaching financial literacy.
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