Financial Literacy 1
When it comes to credit cards, student loans or car loans, what is always a bad idea?
What is debt?
Car loans are a way of life, and you'll always have a car payment. Truth or Myth
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 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.
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 marketed to us just like any other product. 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
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.
Cash
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