In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate....
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Transcript of In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate....
![Page 1: 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.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bfc41a28abf838ca616d/html5/thumbnails/1.jpg)
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
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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.
![Page 3: 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.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bfc41a28abf838ca616d/html5/thumbnails/3.jpg)
Credit CardsUsing Them Wisely
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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
![Page 5: 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.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bfc41a28abf838ca616d/html5/thumbnails/5.jpg)
This data excludes store cards.
![Page 6: 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.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bfc41a28abf838ca616d/html5/thumbnails/6.jpg)
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
![Page 7: 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.](https://reader036.fdocuments.in/reader036/viewer/2022083009/5697bfc41a28abf838ca616d/html5/thumbnails/7.jpg)
Let’s SummarizeRecord
3 tips for using credit cards wisely
2 common credit card costs
1 question you have about credit cards