6a 
Our last stop is learning consumer skills.  We’ll also go over the
federal consumer protection laws and where to go for help when
something goes wrong or if there is an unexpected financial crisis. 
First let’s look at tips on how to be a smart consumer and how to
avoid some hazards of the commercial marketplace. This will give
you more power to get what you want! There are powerful
forces out there that influence us. And often we're not even
aware that we're being influenced. Enormous sums are spent to
study us like mice so that advertisers can influence our purchases. 
Advertising and product placement can affect our buying choices,
unless we stay alert. Society plays a role, too. Human nature is to
want what other people have. But if our financial goals are truly
important to us, they are worthy of the discipline to avoid 
temptation and stick to our spending plan. Of course we have to
put needs before wants, but where do our personal financial goals
come in? Well, I know I get tempted, but when I do, focusing on
my financial goals helps me stay on track. People ARE happiest
when they choose what they want most. That means exercising
discipline over temptation. We all have different goals, but
staying focused on our goals can make resisting temptations a 
choice, an empowering thing rather than a denial. So with YOUR
goals in mind, let's look at some strategies to help resist
temptations that can knock us off track. One strategy is to delay
purchases to give ourselves a cooling off period. The extra time
allows the temptation or emotional response to pass. 
Advertising, salespeople and their techniques can create a
"detour" in the path to our goals. Have "shopping trips" before
you have "buying trips." Go home and think about it. Check your
spending plan and your goals. Ask yourself if this purchase truly
fits. To illustrate our next Consumer strategy, Here’s an
experience that I had when I was buying a car. I did my research,
when I walked into the dealership I knew exactly what I wanted,
and just how much I should pay for it. It was a fair price, and it
seemed like an open and shut case. The salesman said he 
couldn’t match my price. So I said okay and used walk-away
power. I didn’t even reach my car when the salesman stopped
me. When I used my walk away power he was suddenly willing to
make the deal on my terms! As consumers, we all have the 
ultimate negotiating tool. We have the power to walk away! 
Another example of negotiation happened to me not very long
ago. I have a high deductible health insurance plan and needed
an operation. The Anesthesiologists at the facility used did not
have a contract with my insurance company so when the other
doctors took negotiated rates for their services they rendered the
Anesthesiologist charged full price. I was responsible for the cost
of the operation since it was under my deductible so I gave the 
anesthesiologist’s office a call and asked for any discounts they
could apply. In that ten minute phone call they reduced the bill
by $1000. Remember, It's YOUR money, so never feel 
embarrassed to ask. The worst that can happen is they say no.
Remember research, negotiate, and walk away power are all
tools you can use. Comparison shopping is our next topic.
Comparison shopping is a consumer skill we should all use.  Let's
look at one of my favorite products, coffee. How can we tell which
package of coffee is the best bargain? In this case we have a
generic store brand in a 14 oz. size and an 11.5 oz. size Of a
Hawaiian deluxe premium coffee. Now the Hawaiian deluxe
premium coffee is $14.50 and the store brand is $18.50. But of
course the store brand is bigger and more has coffee. But which
one is the better buy? You might think the store brand is cheaper.
But it's not. Most people think the generic brand is always
cheaper, but that's not necessarily true. People also assume that
the bigger sizes save you money. But that's not always the case,
either.  We shouldn't assume! The only way to really know the
best deal is to look at the unit pricing. Unit pricing allows you to
compare the price per measurement unit to find the best buy
despite different package sizes. In this case we are looking at
1.26 per ounce compared to 1.32 per ounce and you can see the
Hawaiian Roast is cheaper at 1.26 per ounce. Always look closely
and make sure that the unit the store is using is identical.  For
instance in this case we are looking at the price of an ounce. 
Unit pricing has been around since the 1970s but only nineteen
states require some level of regulations on unit pricing. If you
want more information regarding your states requirements, or
lack of, visit the National Institute of Standards and Technology
(NIST), it’s an agency of the US Department of Commerce. Lack
of regulation does not mean you will not find unit pricing in your
store but it does mean that you should look carefully at the unit
pricing label. If the units are not identical or the label is confusing,
do the math. Divide the price by the number of ounces, or
another measurement that makes sense and compare the
figures. Of course a coupon or sale may make an item less
expensive. Again, you may have to do the math or get a free app
to do the math for you.  Is there an app for that?  I think there is. 
Americans spend millions of dollars every day on everything from
buying gum to houses. We buy things every day, 24 hours a day,
and sometimes things go wrong. When they do, it’s helpful to 
know the federal laws and agencies that were created to help
protect consumers. The federal laws that were enacted are
referred to as Consumer Protection Laws or Acts.  We’ll go over
these is a minute.  But first I would like to mention the Consumer 
Financial Protection Bureau and how this agency is front and
center when it comes to consumer protections.  In response to
financial instability and the mortgage crises, the Dodd-Frank Wall
Street Reform and Consumer Protection Act was passed in 2010. 
Among other protections, this Act created an independent agency
to set and enforce clear concise rules for the financial
marketplace. This enforcement agency is the Consumer Financial 
Protection Bureau (CFPB). It is focused on protecting American
Consumers in the market place for financial products and services. 
They promote financial education, enforce federal financial
protection laws, restrict unfair and deceptive practices, take
consumer complaints, write rules for financial institutions as well
as supervise those institutions.  You can see why it’s an important
agency to know about. You can submit a complaint regarding a
financial product or service, get assistance, and learn more about
consumer protections from the Consumer Financial Protection 
Bureau. The website is www.consumerfinance.gov 	 Now
that we know something about the agency in charge of financial
protections, let’s go over some of the Consumer Protection Laws. 
We have summarized the protection acts here but for more 
information go to the Consumer Financial Protection Bureau
www.consumerfinance.gov/learnmore and the Federal Trade
Commission’s website for consumers, www.consumer.ftc.gov The
Equal Credit Opportunity Act (ECOA) prohibits banks and lenders
from denying credit or imposing different terms or conditions
based on race, national origin, religion, age discrimination, sex,
marital status, or public assistance status. Although factors such
as income, expenses, debts and credit history are items the
credit grantor may use to determine credit worthiness. The Truth
in Lending Act (TILA) is designed to inform consumers by
requiring lenders to disclose information about terms and costs
of credit, prior to extending the credit.  This act is sometimes
referred to as Regulation Z.  It requires uniform and standard
disclosures of cost and charges so that consumers can compare 
loans. Specific rules vary depending on whether the credit is
open end credit as in credit cards or closed end credit such as car
loans. There are also special rules and disclosures for mortgage
transactions. TILA introduced the Annual Percentage Rate
calculation mandated for all consumer lenders.  In addition to
providing a uniform system for disclosures the act protects
consumers with its many rules.  For example, it limits personal
liability to $50 on unauthorized credit cards charges.  It also
provides homeowners with a three business day right to a cancel
a loan on any non-purchase credit transaction secured by the
consumer’ s principal dwelling. This is known as Right to
Rescission.  This act does not tell financial institutions how much
interest they may charge or whether they must grant a consumer
loan. The Fair Credit Billing Act (FCBA) applies to open end credit,
meaning credit cards and revolving charge accounts. This act
protects consumers dealing with billing errors. If you have ever
been charged twice for an item or been billed for an item you
never received this is the act that spells out your rights and what
steps are needed to dispute a charge. The consumer must write
to the creditor at the appropriate address for billing inquiries, the
letter must contain the consumer’s name, address, account
number and description of the underlying billing error. The letter
must reach the creditor within 60 days after the bill that
contained the error was mailed or received. The creditor must
acknowledge the complaint letter within 30 days after
notification and then has two billing cycles, a maximum of 90
days, to resolve the dispute. The Fair Debt Collection Practices
Act (FDCPA) prohibits debt collectors from using abusive, unfair
or deceptive practices when collecting a debt. This Act does not 
cover collection practices by the original creditor, that is the
person or business that had originally lent you the money. A few
of the restrictions on debt collectors are listed here but if you are
ever faced with a debt collection situation more information can
be found at www.consumer.ftc.gov.  In general a debt collector
cannot be abusive or harass you.  They are not allowed to
threaten you with violence or use obscene or profane language. 
They are not allowed to make untrue statements or misrepresent
themselves. For example they cannot claim they are from a
government agency or law enforcement, or falsely accuse you of
committing a crime. There are also rules on when and where a
debt collector can contact you. For instance, unless you state
otherwise, debt collectors should not call you before 8 am or 
after 9 pm. They also should not call you at work if you had
already let them know that you are not allowed to get calls there.
This act also outlines the option of writing a letter to tell the debt
collector to stop contacting you, although such a letter does not 
resolve the debt. The Fair Credit Reporting Act (FCRA) governs
how the credit reporting agencies, known as the CRA’s, and 
creditors that report to them, handle your credit information. It
requires these agencies to make sure your information is fair and
accurate and your privacy is protected. This act protects
consumers’ rights to have access to credit reporting information
and correct any inaccuracies. Some of the other protections
offered by this act are as follows.  You must be told if
information in your file has been used against you. You have the
right to ask for a credit score, although you may have to pay for
it. CRA’s must correct or delete inaccurate, incomplete or
unverifiable information, usually within 30 days.  If the disputed
information is verified as accurate, the CRA can once again put
that information back on your credit report. CRA’s cannot report
outdated negative information. Most negative information 
becomes outdated after seven years. Bankruptcy information can
be reported on your credit report for ten years. Access to your
file is limited. Also, Identity theft victims and active duty military 
have additional rights. The Credit Card Accountability and
Disclosure Act (Credit CARD Act) was discussed earlier, and in
more detail. But if you recall this act has many protections
regarding credit cards. The act promotes transparency by
improving disclosures and stating clearly the rates, fees and 
calculations for payments on credit cards. The Act also protects
consumers from unfair practices related to credit cards. For
more information on any of these laws go to
www.consumerfinance.gov/learnmore or www.consumer.ftc.gov 
The last protection act we will discuss is the Fair Housing Act. It
generally protects people from discrimination based on race,
national origin, religion, sex, disability or family status when they
are renting, buying or securing financing for housing. In addition
to protecting people from discrimination when renting or buying
of housing, the act also gives additional protection for anyone
who has a disability. To read a full list of protections, go to
www.hud.gov . If you believe your rights have been violated, the
U.S. Department of Housing and Urban Development offers help. 
Go to www.hud.gov and search for Housing Discrimination
Complaint or call the Housing Discrimination Hotline at 
(800) 669-9777.