Types of Debt
What is “good debt”?
Debt that helps you increase your wealth or income over time (e.g., student loans, mortgages).
What is borrowing money from someone or a bank called?
What is taking a loan?
What is the name of a plan you use to decide how to spend your money?
What is a budget?
What do you call a place where you keep your money safe?
What is a bank?
What is Florida’s nickname?
The Sunshine State.
What is an example of “bad debt”?
High-interest credit card debt used to buy things you don’t need (e.g., luxury items).
What can happen if you don’t pay back a loan?
What is you may get bad credit or have to pay extra fees?
What should you consider before making a big purchase?
What is do I need this, and can I afford it?
What is a checking account used for?
What is everyday spending and paying bills?
What city is known as the "Magic City"?
Miami
What is a credit card?
What is a card that allows you to borrow money to make purchases?
Name one way to improve your credit score
Pay your bills on time.
What is a "want" vs. a "need"?
What is a want is something nice to have, and a need is something necessary for survival?
What is a savings account for?
What is saving money for the future?
What popular dish is Miami famous for, especially within the Cuban community?
Cuban sandwich.
Name two ways to avoid bad debt.
Pay off balances in full each month, and avoid borrowing more than you can repay.
What is a student loan?
What is money borrowed to pay for college, which you pay back over time?
True or False: Setting a budget helps you save more money
True
What is the difference between a bank and a credit union?
What is a bank is for-profit, and a credit union is nonprofit?
What major festival celebrates Caribbean culture in Miami every year?
Miami Carnival.
What is the difference between a credit card and a debit card?
What is a credit card borrows money, and a debit card uses your own money?
What does it mean to “overspend”?
What is spending more money than you have?
What is the best way to save money on things you buy often?
What is comparing prices or using coupons?
What is the most common example/evidence of predatory lending practices in communities of color?
What is Payday Loans Store?
What are three benefits of having a good credit score?
Lower interest rates on loans, higher chance of loan approval, and better insurance rates.