Embedded Files
Activity
Car Loan Assignment.doc
Consumer Credit Application.pdf
Vehicle Loan Calculator.xls
Samples
Credit card Application Sample.pdf
Auto Loan Disclosure Statement.pdf
Credit Report Sample 1 & Sample 2. pdf
Residential Loan Application.pdf
Promissory Note Sample.pdf
Calculators
4 Car Loan Comparison Calculator. xls
Credit Card Repayment Calculator (FTC)
Car Loan Calculators & Rates (bankrate)
Credit Card Calculators & Rates (bankrate)
Mortgage Calculators & Rates (bankrate)
Your Credit Report
Credit Bureaus:
Your credit report includes information on where you live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Nationwide consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home.
To order your free annual credit report, visit annualcreditreport.com, call 1-877-322-8228,
or complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
You can print the form from here.
More info about your access to the free credit report on FTC website.
Related credit score info.
Resources
Privacy, Identity & Online Security (ftc.gov)
Essential Question
How do consumers plan and manage credit to their best advantage?
Key Vocabulary
• 70/20/10 Rule
• APR
• Bankruptcy
• Borrowing
• Capacity
• Character
• Collateral
• Credit
• Credit bureaus
• Credit card
• Credit limit
• Credit rating
• Credit report
• Debit card
• Debt
• Finance charge
• Free rider
• Leasing
• Line of credit
• Loan
• Prime rate
• Principal
• Rent
• Rent to own
• Sales tax
• Credit worthy
Instructional Objectives
A: Differentiate between debit and credit cards and cash.
B: Analyze the costs and benefits of various methods of payment.
C: Define credit and interest.
D: Compare the advantages and disadvantages of using credit.
E: Explain the opportunity cost of using credit.
F: Describe the rights and responsibilities of buyers and sellers under consumer protection laws.
G: Identify types of credit and their common forms.
H: Compare types of loans from different financial institutions.
I: Identify the qualities a lender looks for in a loan applicant.
J: Analyze a credit report.
K: Explain the factors that determine the cost of credit.
L: Calculate finance charges using different interest rates.
M: Analyze the relationship among the finance charges, principle of the loan and the loan repayment period.
N: Compare credit cards in terms of annual fee, annual percentage rate, grace period and credit limit.
O: Propose ways to avoid or correct credit problems.
Theme Rationale
Given the number of consumers who have made irresponsible credit choices, it is both prudent and responsible to educate youth about the costs and benefits of using credit. Understanding the long-term effects of assuming debt is a life skill that must be mastered at a young age before students make financial decisions that can be detrimental to their future
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