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What does it mean to default on a loan

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Assignment:

1. Write at least three strategies to keep your personal information secure offline.

2. Write at least three strategies to keep your personal information secure online.

3. Imagine yourself as a young adult in need of more money. What would be two options you would strongly consider taking to increase your cash flow and/or reduce your expenses? Justify your answers with reasoning.

4. A friend comes to you to discuss their financial problems and says they're thinking about taking out a cash advance on a credit card. Write a short argument against taking this action.

5. Another friend comes to you to discuss their financial problems and says they're thinking about taking out a payday loan. Write a short argument against taking this action.

6. What does it mean to default on a loan? How could defaulting on a loan negatively affect your personal finances?

7. What does it mean to have a mortgaged property foreclosed upon? Explain what's happening in this situation. How could having a mortgaged property foreclosed upon negatively affect your personal finances?

8. What is bankruptcy? Explain the formal process.

9. Make lists that outline the similarities and differences between Chapter 7 and Chapter 13 bankruptcies.

10. What is the difference between a fixed cost and a variable cost?

11. Why is it important to budget for your necessities/required expenses before you budget for discretionary/extra spending?

12. Why is it important to always spend less than you earn?

13. What are some ways you can strategically save money on your purchases?

(Please try to make the answers short and simple.)

Reference no: EM133537223

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