Category: Credit Cards

Oops! How Does One Undo Payment Mistakes?

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Jul 17, 2019
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Payment Types, Debit Cards, Credit Cards
I speak to users of payment apps about their experience, and they assure me they are very careful and are confident they are always paying the right person the correct amount. While I don’t use Venmo myself (yet), I have watched the demos and watched my kids use it. I like the functionality, and I understand that 99.9% of the time, you are paying funds to or requesting funds from one of your contacts, which explains users’ confidence. (For the life of me I don’t understand why...

Top Blog posts of 2018-19

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Jul 07, 2019
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Personal Finance, Credit Cards, Student Loans
As the calendar turns from June to July, I wanted to share with you a few of the top posts from the school year just ended. Think of this as a great list to generate some new ideas for your personal finance course or even some after-school activities for the upcoming school year:  #10: Let's debate a few personal finance topics  #9: Looking for writing prompts? Here are a few for your personal finance course! #8: Question of the Day: What percent of people age 75 and older are...

Reading List for 4th of July Weekend

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Jul 04, 2019
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Personal Finance, Behavioral Finance, Economics, Investing, Credit Cards, Employment
Happy 4th of July!!  In case you aren't attending a cookout or don't like fireworks, you can get a jump on the weekend reading list! Personal Finance From Investopedia – how to “Declare you own Financial Independence.” Michelle Singletary offers some sage advice for how to handle a delicat situation—when a friend or loved one in financial dire straits asks to move in. (WAPO) Cincinnati’s Julie Heath compares Ohio to the National results from the 2018 Financial...

QoD: Which one of the following headlines DID NOT appear in the past month?

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Jun 11, 2019
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Investing, Credit Cards, Question of the Day
Choices:  Teens help Snap's stock to surge  High school English teacher paid thousands to Citibank for credit card protection he never wanted  High school senior earns millions trading bitcoin; will donate money to build stock trading floor at high school  Teen bakes thousands of cupcakes to take his family to Disney World  Answer:  High school senior earns millions trading bitcoin; will use proceeds to build new science building at high school  While...

Interactive Monday: Are You A Credit Score Guru?

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Jun 09, 2019
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Interactive, Credit Cards, Credit Scores
Thanks to Brian Page for finding this interactive and developing this set of reflection questions to accompany it. Interactive: Up My Score: Million Dollar Challenge Cheat Sheet: Adobe Flash Player is required There are four skill levels players should play in order: Clueless, Consumer, Expert, UpMyScore Guru Each level requires the player to respond correctly to 15 questions As you can see from the question dashboard: The player has 120 seconds to answer each question The player chooses from...

Reading List for June 7-9

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Jun 07, 2019
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Financial Literacy, Parent Conversations, Credit Cards, Investing, Paying for College
Financial Literacy/Parenting In case you didn’t see this in your social media feed this past week, here is the NYT financial checklist for kids heading off to college by Ron Lieber.   Millennials Deloitte released the results of a study measuring the net worth of millennials (aged 18-35) and found that it dropped 34% from 1996 levels. Education cost increases may be largely to blame. (Yahoo) On a related note, lack of wealth is one reason millennials are delaying marriage, but they...

Interactive Monday: Access To Credit Cards, Auto Loans and Mortgages

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Jun 02, 2019
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Interactive, Credit Cards, Mortgages
Hat tip to Jessica for pointing out this cool interactive from the Federal Reserve which is part of their Credit Access series. We love these resources that have students interact with data. In this series, you will see trends on consumer applications for various types of loans, including auto, credit and home loans. It not only looks at historical data but also measures expectations about these various loan products and gauges financial fragility and the ability of survey respondents to come up...

Reading List for May 31-June 2

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May 31, 2019
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Investing, Credit Cards, Behavioral Finance, Budgeting, Research, Retirement
From 403(b) plans to goal setting to digital decluttering and graduation advice...enjoy these weekend reads with your favorite cup of joe:  Thinking that annuity in your 403(b) is gouging you? You are probably right (from Barrons): "Teachers’ 403(b) plans are sold directly to individuals, rather than to employers, so the interest of the salesman was coming first. “Imagine you’re a kindergarten teacher and they’ve given you a 400-page prospectus about variable...

QoD: Which credit card feature is most popular with consumers: 0% interest, 3% cash back or $500 cash sign-up bonus?

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May 14, 2019
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Question of the Day, Credit Cards, Research, Behavioral Finance
Hat tip to Beth Tallman for pointing out this study from Bankrate which is full of great question material:) Answer: 3% cashback Questions: Why do you think the 3% cash back feature is so popular with cardholders?  Do you think the most popular feature might differ for those carrying a large credit card balance (i.e., you were not paying off your credit card bill every month)? Why or why not? Which would you choose if deciding between these three features? Explain your answer. ...

Reading List for May 11-12

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May 10, 2019
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Investing, Stocks, Advocacy, Credit Cards, Mortgages, Retirement
  Investing We will start with Investing this week because this week's biggest news is today’s Uber’s IPO. Here is all you need to know about the one of the largest IPOs! (NYT) Uber was priced at $45/share--the “low end,” and keeping the valuation at $82B, well below the expected $100B. Looks like “low end” wasn’t low enough. Watching CNBC Squawk Box as the market was “building the book” before the first trade was fascinating as the...

QoD: What percent of credit card applications are declined?

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Mar 25, 2019
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Question of the Day, Credit Cards, Credit Scores, Research
Answer: 14.4% Questions: Do you think this number is higher or lower for 18-24 year-olds? Why? Why do you think are the reasons that consumers applications for credit are turned down? How do you think this percentage has changed since the Great Recession? Do you think banks and other lenders change their criteria over time as they determine who to/not to lend to?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (from Value...

Reading List for March 23-24

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Mar 22, 2019
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Financial Literacy, Credit Cards, Investing, Taxes, Economics, Identity Theft, Paying for College
Financial Literacy We all know that April is Financial Literacy Month. Forbes will publish this piece on why financial wellness matters. Earlier this month, Forbes also published an article on how Financial Literacy keeps athletes from going broke. Keep the articles coming, Forbes!!! April may be a good time for everyone to do a little financial health checkup. Here is a refresher on limiting potential impact of identity theft. (USA Today) Economics  The Federal Reserve announced no...

5 Cool New Videos: Savings Tips, Payday Lending and Stock Market Winners and Losers Over the Past 20 Years

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Mar 20, 2019
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Video Resource, Credit Cards, Financial Scams, Compound Interest, Investing, Stocks
I wanted to share some cool new videos that we have come across in our travels: Three Psychological Tricks to Help You Save Money (TED Talks; 5 minutes); hat tip to Yanely for connecting us to Wendy; hope to have her on podcast in the future.    Backgrounder on the Payday Lending industry (PBS NewsHour; 4 minutes); good opportunity to discuss the financial pitfalls of payday lending, it's fee structure and the role of regulation in consumer protection.    How...

True or False. A parent can place a credit freeze on a minor under the age of 16 to protect against ID theft.

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Mar 19, 2019
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Question of the Day, Credit Cards, Credit Scores
Answer: TRUE Questions: What do you think a credit freeze does?  Why would you want to freeze your credit before you even have a credit card or other form of credit? Would you ask your parents to freeze your credit? Why or why not?  Here's the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Federal Trade Commission): The new law also lets people like parents, guardians, and representatives acting on behalf of a young person in...

QoD: What is the right age to get a credit card?

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Mar 10, 2019
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Question of the Day, Credit Cards
Answer (based on survey of 1,000 adults): 22 Questions: Do you have a credit card? If yes, when did you get it? If not, when do you hope to get one? Would you feel comfortable asking your parents to help you get a credit card as it is difficult to get a card before the age of 21 unless a parent co-signs or  you have a job?  Are you confident that you can manage having a credit card? Explain your answer.  Here's the ready-to-go slides for this Question of the Day...