An important task along your financial journey involves learning about and using tools and techniques to become a better consumer. Some people are so fearful of losing control of their spending that they refuse to use financial tools that can help improve their financial situation. Others don’t fully grasp the negative outcomes associated with the misuse of some financial tools. Once you know how to use financial tools wisely, you’ll realize that they can be an efficient way both to manage your spending and make purchases more convenient and safe.
Here are some areas, and new trends, for discussion:
1- Visit the Consumer Financial Protection Bureau website and research the advantages and disadvantages associated with overdraft protection. Specifically, determine when adding overdraft protection to a checking account may be an appropriate financial planning strategy. What type of consumer should avoid overdraft protection?
2- Discuss debit card features that help to prevent someone else from using your card without your authorization (for example the Visa Mobile Location Confirmation app.).
3- Many consumers are drawn to prepaid cards because the card provider advertised that there are no â€œcredit checksâ€ or â€œoverdraft feesâ€. Is this technically accurate? Or somewhat misleading?
4- A national shift toward smart-chip technology (sometimes called EMV) is revolutionizing the credit card industry. What are the reasons credit card companies are moving toward smart-chip technology and away from traditional credit cards with a magnetic strip?
Must be between 250 and 500 words in length. If citing sources in your post, your writing should follow APA citation guidelines.
You are encouraged to support your arguments with scholarly research