- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Introduction
- Understand How Consumer Loans Can Keep You from Achieving Your Goals
- Explain the Characteristics and Costs of Consumer Loans
- Explain the Characteristics and Costs of Mortgage Loans
- Understand How to Select the Least Expensive Sources for Consumer Loans and How to Reduce the Costs of Borrowing
- Summary
- Assignments
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
Consumer Loans Categorized by Total Cost
The least expensive types of consumer loans are obtained from the following sources: parents or family, home equity lenders, and secured-loan lenders (including mortgage lenders).
More expensive consumer loans are obtained from credit unions, savings and loan institutions, and commercial banks.
The most expensive types of consumer loans are obtained from credit card companies, retail stores, finance companies, and payday lenders.
The key is to only purchase those things that you really need and to pay as little for the privilege of borrowing as you can. Ideally, you should save your money first and then purchase what you need to purchase with cash.
