Debts and Cards
True or false:
A car note is a type of debt
TRUE
Car loans are a way of life, and you'll always have a car payment. Truth or Myth
Myth
Student Loans
True
True or false
A loan is something that you have to pay back
TRUE
Financial aid that does not need to be repaid and based on financial need. This word begins with the letter "G".
Grant
A thing that is borrowed, especially a sum of money that is expected to be paid back in interest. This word begins with the letter "L".
A Loan
True or False
Loans do not have to be paid back.False
Loans have to be paid back.
Name at least one of the 3 major credit bureaus.
Experian, Equifax, Transunion
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 to another account when making a purchase.
Debit Card
If you pay with this, you will have to pay later 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.
This word is another name for debt that begins with the letter "O".
Obligation
A program that allows students to work part time while in college.
Work Study
Debt is money that you have to pay back.
True or False?
True
A FICO credit score of 625 is considered a fair score.
True or False?
Answer: True
A FICO credit score range of 580-669 is considered Fair.
Name 3 banking institutions (banks) in your neighborhood.
Answers will vary. PNC Banks, Wells Fargo, Chase Bank
When you borrow money, you have to pay it back with__________.
Interest
Paying more than the minimum amount will cause the interest to ___________.
Decrease
What we should save up and pay for things with and said no to Debt.
This word begins with the letter "C"
Cash
A good credit report or high credit score means you have a lot of money. True or False
False
Fill in the blank.
A __________ is an official list of everything paid into and out of a bank account.
Answer: Bank Statement
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