Using a credit card and making payments on the card are a package deal charging and paying. This is the full name of the person or business that owns the card. Materials alaska department of health and social services. If you choose, you can print off copies of the pdf file understand your. Then decide if the statement is a cost disadvantage or a benefit advantage when using that card.
What method is used to calculate the monthly finance charge for the first major. How to organize your credit cards and conduct a full card. This is similar to the issuing bank, but it represents the credit card company that manages the card. The teacher will model how to calculate a credit card payment. Learn about credit with an introduction to credit cards, reading a credit card statement, and advanced lessons regarding incorrect credit card transactions.
The student will be able to explain how banks and credit unions make profit from lending money and issuing credit cards. Download the debt reduction spreadsheet, credit repair edition to first pay down each credit card to specific levels determined by your fico score. Creditor name apr balance owed current monthly payment desired fixed monthly payment. Include any selfimposed rules and habits you can apply as you take on credit. Its an acceptable debt and the last one that youll want to. Write down the card issuer, address and customer service phone number in. Ive been saving old bus passes and other credit card type cards for the grandkids to play with. A credit card statement provides information such as how and when youve used your credit card, how much you owe, how much interest youre paying to use the card, how much your minimum payment is, and how much credit you have left. Help with using the check register template how to use this check register to learn how to use this check register, please refer to wallethubs guide on. I love the ones you have made they would make a great variety to what i have. Free financial literacy lesson plans for high school teachers. Get a secured credit card from your bank or credit union.
High school credit activity oklahoma money matters. Lenders report this information based on a persons creditrelated activity, which includes things like mortgage payments, credit card balances and credit inquiries. Credit card debt worksheet creditor name interest rate balance owed monthly payment. Write down the card issuer, address and customer service phone number in the space provided. Understand your statement pdf explanation of the different sections on a credit card statement. Marie has decided not to use the credit card again until the bike is paid off. Keep all your credit card numbers and contact information here so you know what was paid and when, and where the money was sent. Organize your credit cards with this simple tracking. Which credit card has the highest annual percentage rate and how much is it. The activity can be used in conjunction with the credit card versus debit card isn notes. Having a debit card allows you to instantly take cash out of your checking account at any atm. Qualify for a student credit card as a college student. Use this worksheet to compare fees before you choose a prepaid card.
Once that goal is reached, the spreadsheet shows you how to start paying off all credit card balances. Mar 14, 2019 for an accurate picture of your debt load, be sure to include credit cards, car loans, student loans, home equity loans, personal loans, loans from friends and family, medical bills and any other type of debt that you might carry. Statement debit card credit card both cost benefit money is borrowed and repaid at a. Become an authorized user on another persons account, such as a parent or guardian. Learn about the concept of credit, and how you are charged for using a credit card.
Beyond your credit cards, these may also include medical bills and unsecured payday loans. The abcs of credit reporting lesson plan, participant materials and answer keys. Gather contact information for the credit card you want to close. Howto guides road map to financial freedom download pdf this guide helps you take the first steps on your journey to financial freedom with through the use of a debt management plan to consolidate and pay back unsecured debt. Credit card debt worksheet this worksheet allows you to get an overview of your unsecured debts. Define credit card go over example explaining how to compute interest on credit cards assign the credit card activity worksheet. Make your credit and debt plan write out a few personal guidelines you will follow when considering whether or not to use credit. Credit cards are not a bad thing, they can only be harmful to you if you do not use them properly. To help you track your expenses and build a monthly budget, use the following worksheet for at least two or three consecutive months. Founded in 1991, accc offers confidential credit counseling, housing counseling, bankruptcy counseling, a debt management program. This is an activity in which the students answer questions about different payment options with credit. By now, you have probably seen hundreds of credit cards in your life. Distribute the alphabet activity p3 and ask participants.
Before you do that though, you need to know what a credit card is and how you should use it. You have just received your first credit card statement. Dig out those credit card statements and bills, and find out exactly where you stand with all of your creditors. The student will be able to describe how credit card companies decide to give someone credit. This comprehensive financial literacy and economic education website will help teachers, students, and parents gain extensive access to original lesson plans, student interactives, digital videos, and other resourcesall ageappropriate and correlated to the states curriculum. Dc debit card dd direct deposit pp preauthorized payment sf service fee wt wire transfer. Before students use credit cards, its important that they familiarize themselves with. Determine the interest paid and the total amount paid for a purchase made using a credit card. For more information contact audrey brown, administrative director, mqed and financial literacy center at dartmouth college. Our free budget worksheet with common income sources and expenditures can get you started.
Knowing how to read your credit card statement can also help you catch unauthorized charges andor billing errors. There are many types of insurance coverage, and with this form, you can write down who you are covered by and for what, your agents name, the premium you pay and more. Credit card payoff plan ideas of credit card payoff plan 2015 soontobe debt free workbook indepth look grab your free budget printables to help you with your family finances. If youre going to pay the bill in full every month, then the interest rate doesnt really matter to you. This information also might include public records. While you can still incur debt even if you just stick to cash, using your credit card will incur more. Unit 4 credit and debit cards consumer math independent study. Printable and customizable play credit cards the crazy. If the statement describes both a debit card and credit card, write the statement in the overlap between the two circles. Credit and credit card lesson plans, consumer credit.
Time value of money worksheet pdf why study the stock market pdf loans and borrowing money. Credit card comparison shopping worksheet things to consider when choosing a credit card. Download pdf this guide helps you take the first steps on your journey to financial freedom with through the use of a debt management plan to consolidate and pay back unsecured debt. If your earned income credit eic for any year after 1996 was denied disallowed or reduced by the irs, you may need to complete an additional form to claim the credit for 2019. Publication 596 2019, earned income credit eic internal.
For newer cards 15 years old i call and cancel the card and ask to have the credit balance transferred to another card i have at that issuer one that im keeping. This includes budgeting, savings, retirement, and even meal planning. Building a budget takes work, but you dont have to do it alone. Statement debit card credit card both cost benefit money is borrowed and repaid at a later date. Credit cards are revolving debt, which means the minimum payment requirement changes based on your total balance. Start with a department store card sometimes those are easier to qualify for. Household budgeting worksheet for more information about managing your finances call 8007693571 to speak to a credit counselor today make sure that you include all net or takehome income and expenses as accurately as possible. This is an activity in which the students answer questions about different payment options with credit cards 10 minutes. The credit card she used has an annual percentage rate of 21%. Jun 14, 2014 ive been saving old bus passes and other credit card type cards for the grandkids to play with. Resources american consumer credit counseling accc is a nonprofit 501c3 organization. It is the borrowers savings, investments or value of the asset purchased, which the.
Pass out copies of the choose the right card worksheet and direct them to use. By using the worksheets youll be able to paint a clear picture of your. A good credit score can actually save you on everything. You can use one worksheet per debt, and you can use this regardless of what debt payoff approach you choose debt snowball vs. A credit card allows you to make bigger purchases that you can pay off over time. A compare and contrast sort activity for credit cards versus debit cards. The abcs of credit reporting lesson plan, participant materials and answer keys this document is provided at no cost by experian and may be used for educational purposes only. Youll list the creditor at the top, and then there are. If the statement describes a debit card, write the statement in the right circle.
This test is part of the dartmouth money matters curriculum. A line of credit is an account with a line of credit is an account with money that you can borrow repeatedly. I invite you to share this at my party in your pjs link party. The information should be on your card, your latest statement or both. Included are a sort page and 16 characteristic cards to be sorted. A worksheet introducing students to credit cards, credit, and paying interest. Calculating what happens to a credit card balance this test is part of the dartmouth money matters curriculum. It saves you from interest rates on your loans and credit cards, cable tv subscriptions, cellular phone plans, and your insurance. Examples include visa, mastercard, discover, and american express.
Collateral is property required by the lender and offered by a borrower as a guarantee of payment on a loan. If the statement is a benefit, draw a line under the statement. They have changed the way people spend money online and in stores, and chances are youll get one when youre on your own. Bookmark this page for access to the latest version of this file. Now that your students are familiar with credit basics, let them work in teams to compare two credit cards. Credit card issuer balance interest rate minimum payment payment due date. A credit score is a threedigit number derived from a mathematical interpretation of the information in a persons credit files.
Learn about your offer pdf understand your credit card offer. After you have looked through the website of the company, you will want to compare the features that they offer to the other sites. The amount of any credit calculated on the credit worksheet shall be transferred to the appropriate line on the child support worksheet. Look for a card with no annual fee and a longer grace period so you dont get hit with a finance charge. A credit card is a plastic card that represents a line of credit. Credit cardsthe disadvantages and advantages of credit cards credit card debt has become a serious problem in america. This chapter is for people whose earned income credit eic for any year after 1996 was denied or reduced by the irs. These learning materials focus on teaching students valuable and practical knowledge about credit cards. Worksheets are lesson 5 debit cards vs credit cards, credit and debt plan work, grade level 6 best payment option debit or credit, credit debit card unit, checking account debit card simulation and student work, lesson five credit cards, debits and credits memory, a lesson plan to understanding credit scores.
Once you decide on a credit card and start using it, you will also have to start paying the balance. Displaying all worksheets related to credit and debit. Teachers guide lesson eight incharge debt solutions. This will give you a sense of where you are spending your money and changes you can make to improve your situation, if necessary. The personal financial workbook is a tool that you can use to organize your finances and gain an understanding of how you are spending your money. This section includes lessons on consumer credit cards, credit, and paying interest. Alternatively, if the card was the only card that i had from that issuer and i wanted to maintain some perk free bags i would probably downgrade the card.