Credit & Debit

Essential Question:

  • Should all consumers have the same beliefs on the creation of debit?

Topics:

  • Debt
  • Life After High School
  • Consumer Awareness
  • Business Cycles

Student Outcomes:

  • I can describe ways to avoid or correct debt problems.
  • I can control my personal information.
  • I can summarize major consumer protection laws.
  • I can summarize major consumer credit laws.
  • I can apply consumer skills to purchase decisions.

Standards (National Standards for Financial Literacy)

Financial Responsibility and Decision Making: Apply reliable information and systematic decision making to personal financial decisions.

• Standard 1: Take responsibility for personal financial decisions.

• Standard 3: Summarize major consumer protection laws

• Standard 4: Make financial decisions by systematically considering alternatives and consequences.

• Standard 5: Develop communication strategies for discussing financial issues.

• Standard 6: Control personal information.

Credit and Debt: Maintain creditworthiness, borrow at favorable terms, and manage debt.

• Standard 1: Identify the costs and benefits of various types of credit.

• Standard 2: Explain the purpose of a credit record and identify borrowers’ credit report rights.

• Standard 3: Describe ways to avoid or correct debt problems.

• Standard 4: Summarize major consumer credit laws.

Income and Careers: Use a career plan to develop personal income potential.

• Standard 1: Explore career options.

• Standard 3: Describe factors affecting takehome pay.

Planning and Money Management: Organize and plan personal finances and use a budget to manage cash flow.

• Standard 1: Develop a plan for spending and saving.

• Standard 2: Develop a system for keeping and using financial records.

• Standard 3: Describe how to use different payment methods.

• Standard 4: Apply consumer skills to purchase decisions.

• Standard 6: Develop a personal financial plan

Saving and Investing: Implement a diversified investment strategy that is compatible with personal goals.

• Standard 2: Discuss how saving contributes to financial well-being