Students learn about consumer credit legislation.
Teaching Objectives:
- Explain key legislation related to consumer credit.
- Apply consumer credit legislation to specific credit problems.
Standard 7: The student will identify the procedures and analyze the responsibilities of borrowing money.
Suggested Grade Level
6th – 12th Grade
Lesson Excerpt:
Several state and federal laws have been enacted to protect the rights of consumers. Some of these include the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, and many others.
The commitment to consumer legislation began when Congress passed the Consumer Credit Protection Act of 1968. As the economy became more complex and more people relied on credit, additional laws were passed to reduce the problems and the confusion for consumers.
