Credit Cards Facts Activity "If you make just the minimum payment, you have effectively DOUBLED your purchase price." Manisha Thakor Directions: Use the links on The Mint.org and PBS's Credit Card site to develop your answers to the questions. Answer sheet. |
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1. Write 3 advantages of credit cards. a. b. c.
2. Write 3 disadvantages of credit cards. a. b. c.
3. Find Out: Should you sign up for a card that charges an annual fee? Explain.
Some people think more is always better. Do you want a high interest rate on a credit card or a low one? Explain.
What happens if you do not pay the payment on time?
Why should you investigate the regular interest rate of the card along with the introductory offer?
4. I paid How Much? Write the answers to the 2 questions on the web page.
Calculate: You paid much more for the $2000 worth
of items because you paid them off, over a long time.
6. Write four questions to ask yourself before buying something on a credit card. a. b. c. d.
7. Do What Kind of Spender Are You? Write your result.
8. What factors go into calculating a credit score? Second info source Your Credit Score
9. Things are slow at work. You get 5 less hours this
week. You are short when your car payment is due.
10. Take the Spending Challenge. How did you do?
11. Debit card hold - What you risk by using debit card at the pump. Why should you pay cash for your gas.?
12. Mandatory - Review Credit Card versus Debt Card. Which should you use to buy a drink: cash, credit card, debt card? Explain your choice.
Extensions: Watch the Senate Committee hearing Credit Card Practices Ouch! 90 million Americans carry an average of $8,000 in debt from month to month. On average Americans each have $2.000 in credit card debt. Join the deadbeats - (Credit card company slang
for people who pay off the balance in full each month). Best choice - Pay with cash. Go to the "Mac/cash withdrawl machine" at your bank. Withdraw an amout you believe will be enough for your purchases. If you are short, you can pay cash and use the credit card or debit card to cover the difference out of your checking account. You will be more conscious of your spending. You will be less likely to overspend or impulse buy. Did you know the credit card companies charge the merchant a fee for each purchase? By paying cash you help the local merchants by increasing their bottom line without increasing your costs! The credit card and mac debit companies keep the data about what you buy. They sell this information about you. Paying cash - Protects your privacy.
To do - Read this article - Life without plastic CNN Money 6/17/08
Read this New York Times editorial - Curbing Credit Card Predators - 12/26/08
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Internet Hunts / Nature / Computers / Pennsylvania Projects / Civics & History / Project Based Learning / Puzzles & Projects / Home All trademarks, copyright and logos belong to their respective owners. This activity is released to public domain. Use it freely to help people get control of their finances. Updated 1/2021 by Cynthia O'Hora Save a tree - use a Digital Answer Sheet: Highlight the text of the questions on this web page, copy them - Edit .. Copy. Open a text document or word processing document. Paste the questions into the blank document. Answer the questions in the word processing document in a contrasting color ( not yellow) or font (avoid fancy fonts like: , Symbol, or . Save frequently as you work. I do not like losing my work. You will not like it either. Put your name and the date in a header. Bad things happen. Retain a copy of your work on your computer. Submit your assignment via a class electronic drop box or email attachment. Proof your responses. It is funny how speling errors and typeos sneak in to the bets work. Make Your Own Printed answer sheet |