Post on 18-Jan-2016
In your notebook…Imagine you have a $2,000 balance on a credit card with an
18% interest rate.How long do you think it will take to pay off the balance
making the minimum payment (interest + 1% of balance) each month?
How long do you think it will take to pay off the balance if you pay $100 per month?
Credit Card Calculator
Learning GoalsStudents will be able to…
Define key terms related to credit cards.Analyze and assess a credit card offer.Identify essential advice regarding the use of credit cards.
Credit CardsUsing Them Wisely
The Numbers29% of Americans have no credit cards (up from 22% in 2008)
Of those that have cards, the average number is 3.7
On average households carry about $5700 in credit card debt
Per the Credit Card Act of 2009 those under 21 cannot get a credit card unless they have an adult co-signer or can prove they have sufficient income to pay bills
This data excludes store cards.
Your TaskRead through the ABCs of Credit Card Finance: Essential Facts
for Students
Fill in the graphic organizer
Share your thoughts with your partner
Together analyze the credit card offer
Let’s SummarizeRecord
3 tips for using credit cards wisely
2 common credit card costs
1 question you have about credit cards