A young single woman with two young children.
A young single woman without children.
An elderly retired man, with a wife who is also retired.
A young married man without children.
Certificate of deposit
Your bad loan payment record with one bank will not be considered if you apply to another bank for a loan.
If you missed a payment more than 2 years ago, it cannot be considered in a loan decision.
Banks and other lenders share the credit history of their borrowers with each other and are likely to know of any loan payments that you have missed.
People have so many loans it is very unlikely that one bank will know your history with another bank.
If his parents took out an additional mortgage on their house for the loan.
If the loan was insured by the Federal Government.
If he went to a state college rather than a private college.
If his parents cosigned the loan.
Sales tax may be charged on the interest that you earn.
You cannot earn interest until you pass your 18th birthday.
Earnings from savings account interest may not be taxed.
Income tax may be charged on the interest if your income is high enough.
Young couples with no children who both work.
Young working couples with children.
Older, working couples saving for retirement.
Older people living on fixed retirement income.
When some clothes you like go on sale.
When the interest on the loan is greater than the interest you get on your savings.
When you need to buy a car to get a much better paying job.
When you really need a week vacation.
Young people don’t need health insurance because they are so healthy.
You continue to be covered by your parents’ insurance as long as you live at home, regardless of your age.
You are covered by your parents’ insurance until you marry, regardless of your age.
If your parents become unemployed, your insurance coverage may stop, regardless of your age.
A U.S. Govt. savings bond
A savings account
A checking account