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Pennsylvania educator urges planning for big purchases, warns against predatory lenders
Summary
Katrina Boyer of the Pennsylvania Department of Banking and Securities told a Moms on the Money Trail session that buyers should budget for new payments, check credit reports, document identity-theft recovery, and avoid credit-repair and payday scams; she directed participants to CFPB, HUD and state licensing resources.
Katrina Boyer, the investor education coordinator at the Pennsylvania Department of Banking and Securities, urged participants in a Moms on the Money Trail workshop to build realistic budgets before buying a car or a home and to use federal and state resources to avoid scams.
"Can you afford that new payment?" Boyer asked attendees, urging a new spending plan that includes taxes, insurance and likely maintenance. She cautioned that lender "preapproval" may be higher than what a household can reasonably afford: "Just because you're preapproved to buy a $500,000 house does not mean that you should run out and spend that maximum dollar amount." She recommended using consumerfinance.gov/owningahome and annualcreditreport.com to research steps and check credit reports (the latter provides reports, not scores).
Boyer gave numerical examples to show how credit and down payments affect long-term costs. Using a $25,000 auto loan at about 5%…
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