Debt 1
When it comes to credit cards, student loans or car loans, is it usually a good idea or a bad idea to borrow huge amounts of money?
A bad idea
Car loans are forever, and you'll always have a car payment. Truth or False
Myth
You should stay away from student loans. True or False
True
When choosing a college, you should choose one that ____________.
You can afford.
Financial aid that does not need to be repaid and based on financial need.
Grant
A thing that is borrowed, especially a sum of money that is expected to be paid back in interest.
You need to have a credit card. Truth or Myth
Myth
Name at least one of the 3 major credit bureaus.
Experian, Equifax, Transunion
Student loans can do what to your options in your life?
Limit
A plastic card used to buy good or services using debt.
Credit Card
A card issued by the bank that allows the holder to transfer money electronically from a checking account when making a purchase.
Debit Card
If you pay with this, you will have to pay later (end of the month) plus interest.
Credit Card
Aran really wants the new PS5, which costs $500. Aran has $200.00 in his Bank of Walsh. However, he just received a credit card with a $1000 limit. Should Aran use his credit card to buy a PS5? Why or why not?
NO! He will end up paying interest on the outstanding balance owing on his credit card.
What can be done with your money? (hint - there are 4 ways)
Spend, Save, Invest, Donate (Give)
A program that allows students to work part time while in college.
Work Study
Debt is a product that people buy and sell. True or False
True
What is known as I love debt score?
Credit Score
Name 3 banking institutions in your neighborhood
Answers will vary. SRP, Regions, Bank of America, Wells Fargo, Security Federal, First Citizens, WoodForest
When you borrow money, you have to pay it back with__________.
Interest
If you do not pay off your loans, nothing will happen to you. True or false
False
What do you purchase a car with if you do not finance a loan?
Cash, check, or debit card
A good credit report or high credit score means you have a lot of money. True or False
False
What should your credit card balance be by the end of the month?
It should be $0.00 by the end of the month.
A short term, personal loan to purchase a car is a ________.
Car loan
Your credit score determines your interest on a loan. True or False
True