PF: Credit Protection


Young adults sometimes make bad choices about spending. They are sometimes inclined to live beyond their means and run up big debts. Excessive credit card debt is a common problem. So are high monthly payments on car loans, high monthly payments for rent, and an inability to save money. For young couples, financial problems are often a troublesome factor contributing to break-ups and divorce.

Financial problems, however, are not reserved for the young. People of all ages can face financial problems. An unexpected illness, the loss of a job, a divorce, or the loss of child care—these and other difficulties can tip a household into financial trouble. Several state and federal laws are designed to protect credit consumers from dishonest business practices. Among the more important consumer-credit protection laws are the Truth in Lending Act and the Fair Credit Reporting Act.



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