What is Personal Finance

Federal Housing Authority

Government agency created as part of the NHA in 1934 to insure loans made by banks and other private lenders to provide low-cost housing coupled with sanitary condition for the poor

What effect did the post-war era have on consumer borrowing?

Americans "learned" to borrow in the midst of prosperity, borrowed because they believed their incomes would continue to grow

Electric Home and Farm Authority

As part of the TVA (Tennessee Valley Authority), the EHFA purchased inexpensive electrical appliances and then made them available to working people through installment loans with a typical repayment period of three to four years. In an attempt to reduce farm foreclosures, loans were made available to farmers under this agency. These loans were used to refinance farm mortgages or provide capital for agricultural production.

Explain why buying things on credit was not common prior to 1917?

Because it had never been legal for lenders to charge interest rates high enough to turn a profit, it wasn't worth the risk for the middle and lower class citizens

What effects did the Great Depression have on the credit industry?

Consumer credit could be profitable despite bankers long-held reluctance to lend to the working class

What were the four themes that emerges as a result of the stageoflife.com writing contest that asked teens to identify their "relationship with money"?

Frustration, role models, pragmatic, money isn't everything

What was the major financial change between post WWII borrowers and borrowers after 1970?

The people in the 1970's continued to borrow, like their parents since WWII but they didn't have the post-war period's high paying jobs

What is personal finance

all the decisions and activities of n individual regarding their money, including spending, saving, budgeting, ect

Home Owner Loan Corporation

created as part of the new deal in 1933 by the HOLC Act under leadership of FDR and was defunct in 1954

The New Deal

established during the great depression, helped shape consumer lending policies that convinced banks that consumer credit could be profitable

pragmatic

its rare, but is when things are dealt with sensibly. when students share their personal savings tips, budgeting experiences, and more.

Frustration

many teens express negative emotions about money: anger, frustration, stress, distrust, and even hatred

role models

teens watch how their parents treat money and try not to "be like them"

money isn't everything

when teens think that money is needed to survive but also is not a requirement in making people happy.