Why are credit scores important? Explain. Why are they checked? Explain\
Credit scores are important for payment purposes. They are checked to ensure that you are responsible enough to make the payments.
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Do you know anything about credit scores yet? Explain
I know a little and I know that you can get a discounted price on things if you have a good credit score but a bad credit score can limit you of what you can buy. Which consequences would be the hardest for you personally if you had to file for bankruptcy? Explain. Which Chapter do you think would be the best for you as an individual? Why?
The hardest would be having it on your record for years. Chapter 13 would be the best because it only last for 7 years and gives you an opportunity to catch up as much as possible. What are the different types (chapters) of bankruptcy? List & explain. Which ones are for individuals? Which ones are for businesses?
Chapter 7 of bankruptcy stays on your credit for ten years and where you don't have to pay back any of your debt and you start out fresh (individual). Chapter 13 is when it stays on your credit for seven years and you pay off as much debt as you can with a payment plan for the first two or three months (individual). Chapter 9 is where you file to reorganize your business and start all over (school, towns. cities). Chapter 12 is for farmers that need debt relief. Chapter 15 is for parties that are in different states. Chapter 7 and Chapter 11 are to reorganize the businesses (business). What do you already know about bankruptcy? Explain.
Bankruptcy is when people cant afford stuff anymore so their items get taken from them. How do you feel now that you have finished (or almost finished) this project? Explain. What did you learn? What was easy for you? What was difficult for you? Explain.
I feel like the budget project has educated me on how to actually spend money. Sometimes I get carried away on things I want and never consider things I need. The entire project was easy for me however the hardest part was trying to budget within the $910 range. Yesterday, we completed Part 3. How hard was it to adjust your budget to meet your different paycheck amounts ($910, $1213, &1820)? Explain. Which were the hardest? Why? Which were the easiest? Why?
It really wasn't hard I had to decrease the things I didn't need and get a roommate. The $910 was the hardest because I had so much money put away with savings. The $1820 was the easiest because my budget only added up to be $1700. Part 2 focused on calculating your paychecks. How comfortable are you doing that? Was it harder or easier than you expected? Explain. Are you surprised how much of your paycheck goes to deductions and you never receive? Explain why or why not.
I feel extremely comfortable calculating my pay checks because it help me keep up with how much money im really bringing home. It was easier than I expected because it wasn't much work needed to be put in. No because when you are retired the government uses that money to help you pay your bills and things that needs to be done that you cant work for. Right now, you may just have a little bit of spending money. What do you spend it on? Explain.
I spend my spending money on food, clothes and gifts for others. I buy food because I eat all the time and most the time im not home. The clothes and gifts are for my love ones that I haven't expressed my love to. Yesterday, you started Part 1 of the Budget Project. Which expense items were the hardest to estimate? Why? Which were the easiest for you? Why?
The one hard for me to estimate was the rent because it vary in different places. The easiest one to estimate was my cellphone because its been the same price for almost a year. |
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