THEME V: Risk Protection

What are my rights when dealing with businesses that use illegal practices? What do I do about errors on my credit card bills? How can I prevent identity theft? What privacy protections are there? What are my responsibilities for obtaining information about purchases before I make them? What are some of the frauds and scams that are common and particularly aimed at young adults? How can I prevent myself from falling into consumer traps? How does insurance protect my financial well-being and what am I willing to pay for that peace of mind? What legal recourse do I have for solving consumer problems?

Most businesses deliver the products and services which consumers want at an acceptable level of quality and price. Consumer rights and responsibilities form the foundation for protecting ones self from deceptive or unscrupulous practices of the businesses that do not. Many factors have come together to underscore the old phrase, "caveat emptor," let the buyer beware. Consumer protection laws cover many areas but many people are unaware of what they are or how to access the system.

First, the massive expansion of the credit industry has led to stiff competition which requires consumers to understand the small print on their card agreements. Another factor causing major change for the economy is web technology and telecommunications. So much information is available on the internet and not all of it is reliable. Separating good information from bad has become an even more critical skill than ever before. Other consumer issues revolve around identity theft and privacy.

Protecting one's financial health and wealth is a key to long term financial security.

• Setting the stage for using credit responsibly is the building and maintenance of one's credit rating. This requires knowing how to correct errors related to one's accounts.
• "If it sounds to good to be true, it probably is." Students will be made aware of various schemes which are designed to obtain his/her money while delivering little or nothing in return.
• Gathering information before purchasing a product involves identifying all the costs associated with the use of that good or service. Students will have the opportunity to develop comparison shopping skills related to smaller items like clothing and electronic products.
• Knowing how to file a complaint to solve a grievance with a business requires understanding complaint processes and with which agency one should make contact.

• THEME I
• THEME II
• THEME III
• THEME IV