Credit Cards and Debt: Essential Course Overview
Dive into the fundamentals of credit cards and debt management in this comprehensive 18-week course. Learn about credit scores, credit reports, key terminology, and the responsibilities associated with owning a credit card. Explore the principles of credit, credit limits, and grace periods to gain a solid understanding of personal finance and borrowing practices.
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Credit Cards and Debt 18 Week Course Outline
Overview In this lesson we will learn about the basics of what a credit card is and the different responsibilities that come with owning a credit card. We will learn about what a credit report and credit score are and the impact they have on someone's finances. We will be able to define key terms such as credit score and credit report. We will be able to determine different events that either improve or harm someone's credit. We will understand the purpose of a credit card and the responsibilities that come with owning a credit card.
Unit Define credit score and credit report Objectives Determine different events that either improve or harm someone's credit Understand the responsibilities that come with owning a credit card Understand the purpose of a credit card
Unit 3.1 - Intro to Credit 18 Week Course Outline
Key Terminology What is Credit?
Key Terminology Credit is... When you use borrowed money with a promise to repay it at a later date.
Key Terminology What is the Principle?
Key Terminology The Principle is... The amount of money that you borrow. You are expected to repay the principal plus any interest charged.
Key Terminology What is a Credit Limit?
Key Terminology A Credit Limit is... The total amount you are allowed to borrow. This is set by the lender based on your ability to repay.
Key Terminology What is a Grace Period?
Key Terminology A Grace Period... Represents the time between when you borrow money and when interest begins to be charged on the principal.
Key Terminology What is a Mortgage?
Key Terminology A Mortgage is... A loan used to purchase or maintain a property, (home, land, or real estate). The borrower agrees to pay the lender a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan. If the borrower defaults they forfeit the collateral, (their property) to the lender.
Up Next! Credit
Challenge Questions Credit In your own words, explain what credit is. Credit (personalfinancelab.com) Interest Rates (personalfinancelab.com) Credit Cards (personalfinancelab.com)
Challenge Questions Credit How can credit help you with managing your money? Credit (personalfinancelab.com) Interest Rates (personalfinancelab.com) Credit Cards (personalfinancelab.com)
Challenge Questions Credit What is a credit score? Credit (personalfinancelab.com) Interest Rates (personalfinancelab.com) Credit Cards (personalfinancelab.com)
Challenge Questions Credit How can credit hurt you financially? Credit (personalfinancelab.com) Interest Rates (personalfinancelab.com) Credit Cards (personalfinancelab.com)
Challenge Questions Credit What is the difference between Credit and Debit? Credit (personalfinancelab.com) Interest Rates (personalfinancelab.com) Credit Cards (personalfinancelab.com)
Up Next! Class Activity What would you do scenarios?
Homework Play Budget Game Buying a Car
Unit 3.2 - Buying a Car 18 Week Course Outline
Key Terminology What does Depreciation mean?
Key Terminology Depreciation means... A reduction in the value of an asset with the passage of time, due in particular to wear and tear.
Key Terminology What does Resale Value mean?
Key Terminology Resale Value means... The value that goods, (a house, car or other property) have when you want to sell after owning them for a period of time.
Key Terminology What are Financing Charges?
Key Terminology Financing Charges are... The interest and other charges that a financial institution charges a borrower as the expense for taking a loan.
Up Next! Buying a Car Good Debt, Bad Debt
Challenge Questions Buying a Car What are the advantages and disadvantages of buying a new car? Buying a Car (personalfinancelab.com) Good Debt, Bad Debt (personalfinancelab.com)
Challenge Questions Buying a Car In your opinion, is having a new or used car better for you and why? Buying a Car (personalfinancelab.com) Good Debt, Bad Debt (personalfinancelab.com)
Challenge Questions Buying a Car Using examples, what do you understand by the term depreciation? Buying a Car (personalfinancelab.com) Good Debt, Bad Debt (personalfinancelab.com)
Challenge Questions Good Debt, Bad Debt In your own words, explain the difference between good debt and bad debt. Buying a Car (personalfinancelab.com) Good Debt, Bad Debt (personalfinancelab.com)
Challenge Questions Good Debt, Bad Debt How can emotions cause you to increase your debt? Buying a Car (personalfinancelab.com) Good Debt, Bad Debt (personalfinancelab.com)
Up Next! Class Activity Use the Interactive Calculator Car Loans
Homework Play Budget Game
Unit 3.3 - Other Types of Loans 18 Week Course Outline
Key Terminology What is an Unsecured Personal Loan?
Key Terminology Unsecured Personal Loans are... Any loan you take out without providing collateral, for example, a credit card.
Key Terminology What does Default mean?
Key Terminology To Default means... The failure to fulfill an obligation, especially to repay a loan.
Key Terminology What does Variable or Fixed Interest mean?
Key Terminology Variable Interest... Also called adjustable or floating rate, is an interest rate on a loan that fluctuates over time based on the underlying interest rate.
Key Terminology Fixed Interest is... An unchanging rate charged on a liability, such as a loan or mortgage.
Key Terminology What are Payday Loans?
Key Terminology Payday loans are... These loans are typically offered as a bridge between an expense (such as rent) and your next paycheck, usually with term lengths of less than 1 month. These loans can be either unsecured or secured.
Key Terminology What are Second Mortgages and Reverse Mortgages?
Key Terminology Second Mortgages are... A mortgage taken out on a property that is already mortgaged.
Key Terminology Reverse Mortgages are... A financial agreement in which a homeowner relinquishes equity in their home in exchange for regular payments, typically to supplement retirement income.
