Post on 26-Feb-2016
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CONSUMER RIGHTS AND RESPONSIBILITIES
Caveat Emptor
PERSONAL CONSUMER RATING
PERSONAL CONSUMER RATING On question #1, give yourself five points if you selected something to
do with your money that is consistent with your goals and values in life.
Give yourself two points for each question you answered, as follows #1 – No #2—yes #3—yes #4—yes
#5—yes #6—yes #7—no #8—yes #9—no #10—yes #11—yes #12—yes
#13—yes #14--yes
23-28 points Great! Keep up the good work! 19-23 points Fair. You should begin to make some changes. 14-19 points Not too good. Consider making some big changes Less than 14 Take good notes during this unit, you'll need them!
Watch your back vocabulary
RIGHT TO CHOOSE A variety of products Competitive prices No monopolies
Responsibility to choose carefully Practice comparison shopping Consider the cost Research variety of places, items,
magazines Refuse to buy
RIGHT TO INFORMATION Accurate information to make free
choice Protected against fraudulent,
deceptive, and misleading informationResponsibility to seek information and
use it to make wise decisions Use available information Seek accurate information Ask questions & understand
UNDERSTANDING FINANCIAL CONTRACT Disclosure information Grace periods Payment penalties
Early or late Method of interest calculations
RIGHT TO SAFETY Government Protection Food & Drug Administration (FDA) Consumer Product Safety Commission
(CPSC) Assume product will perform as intendedResponsibility to use products
safely Read information Read & follow instructions Read & heed to any warning labels
RIGHT TO BE HEARD Complain BBB (Better Business Bureau) Consumer Protection Agency
Responsibility to speak up Speak up to let likes & dislikes known Complaint letters Support reputable businesses
RIGHT TO REDRESS Consumers have the right to resolve
consumer problems in any case of dissatisfaction
Responsibility to Seek Redress Make suggestions Seek satisfaction Speak up when errors occur
RIGHT TO SERVICE Consumers may expect convenience,
courtesy, and responsiveness to consumer needs and problems
Responsibility to be Alert Expect good service Compliment service where
appropriate
RIGHT TO CONSUMER EDUCATION Without consumer education
consumer cannot gain the full benefits of the other seven consumer rights
Responsibility to Study Become more informed about how to
get money’s worth Learn how to assert all the consumer
rights
SMART By Shel SilversteinMy Dad game me one dollar bill ‘cause I’m his smartest son,And I swapped it for 2 shiny quarters ‘cause 2 is more than 1.
And then I took the quarters and traded them to Lou for 3 times –I guess he don’t know that 3 is more than 2.
Just then, along came old blind Bates and just ‘cause he can’t see,He gave me 4 nickels for my 3 dimes, and 4 is more than 3.
And I took the nickels to Hiram Coombs Down at the seed-feed store, and the fool gave me 5 pennies for them, and 5 is more than 4!
And then I went and showed my Dad, and he got red in the cheeks and closed his eyes and shook his head –Too proud of me to speak! Oprah Debt Diet
DEBT Money owed to a person or entity that
must be paid off by a deadline. Mortgage, car, or school loans, credit card balance Leasing an item
How much debt is too much debt? Annual debt payment should be no more than
20% of your annual (NET) take home income. Rent or mortgage can be 30% on their own.
CREDIT COUNSELING AND DEBT CONSOLODATION
(CCCS) Consumer Credit Counseling Service Debt and financial counseling assistance
RESPONSIBLE RESPONSE TO EXCESSIVE DEBT
Apply for a card with lower interest rates Consolidate credit card debt Stop using the credit cards – if possible Stop overspending and going into debt
Don’t borrow what you can’t pay off Pay off more that the monthly minimum
Consider using savings money to pay off debt Scenario: If savings is earning 3.5% interest and debt is 15%
interest, where would the money be put to better use first? Sell assets Negotiate repayment schedule
PART 1
PART 2
WERE THEY WISE CONSUMERS? YOU CHOOSE…
Part 3
GUIDELINES1. Think about what you NEED before you buy. (Think about specific features and requirements that are important to
you.)2. Compare stores3. Compare brands, prices, and quality before making a selection.4. Check for any extra charges.5. Read and understand the warranty.6. Written contracts when purchasing large items and read the contract
terms carefully.7. Read and follow the use and care guides.8. Keep all sales receipts, warranties, and instructions.9. Understand the store's refund or exchange policy.10. Check your bill for accuracy.11. Before purchasing anything from a company, check out its reputation.12. Do not pay for items or services until they are acceptable to you.13. Avoid telephone sales.14. Price is not necessarily an indication of quality.15. Calculate the cost per unit (unit pricing) to determine the best purchases.16. Consumers are responsible to protect themselves against fraud.