Category: Credit Cards

My 9 Favorite Interactives to Teach Credit

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Nov 18, 2020
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Interactive, Credit Cards, Credit Scores
Here is my current ranked list of my favorite credit interactives that could be used in our Managing Credit or Types of Credit units.  #1 INTERACTIVE: Shady Sam: This is our existing companion handout to the engaging and easy to play credit game Shady Sam.  #2 INTERACTIVE: FICO Credit Scores: This is our existing virtual adaptation companion handout to the wildly popular FICO Credit Score Simulator.  #3 INTERACTIVE: Play the Credit-Score Game. We used pieces of the WSJ interactive...

Question of the Day: You purchase a new TV with a store card offering 0% APR (pay no interest) for 18 months. What happens if you don't pay in full within 18 months?

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Nov 18, 2020
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Question of the Day, Credit Cards, Research
Answer: 53% of store cards have deferred interest features meaning you will pay interest going back to the date of the purchase which can be quite costly.   Questions: Black Friday is right around the corner..why do you think these 0% APR offers are so popular at this time of the year?  How often do you think consumers forget to pay off the full balance and get hit with these deferred interest surprises?  Do you think offers like are a good idea for consumers? Why or why...

5 Resources to Decipher the U.S. Debt Clock

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Nov 10, 2020
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Interactive, Student Loans, Credit Cards, Economics
The U.S. Debt Clock illustrates our soaring debt by the second. As sobering as it is, it can serve as a springboard into multiple personal finance topics.  Student loan debt By the time readers are engaging with this article, our national student loan debt may have surpassed $1.7 trillion. Use this to ignite a discussion and select one of these three interactives to extend their learning. Credit card debt American consumer credit card debt is approaching $1 trillion, and I have to wonder,...

Question of the Day (Updated): What percentage of adults have carried credit card debt in the past year?

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Oct 12, 2020
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Question of the Day, Credit Cards
Answer: 52% of families held credit card debt in 2019 Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.   From the Federal Reserve Board: "In people’s financial lives, credit cards can serve different functions at different times. For people who pay their balances off each month, credit cards are mainly a form of payment convenience and can be thought of more or less the same as using cash. For those who carry a balance,...

Reading List for October 9-11

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Oct 09, 2020
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Economics, Investing, Credit Cards, Paying for College
Economy Jobless claims over 800,000 last week. (Yahoo Finance) (Graph below) “Last hired, first fired? Employment losses across age groups.” It is not a pretty picture for young workers. (FRED) If you ever wanted to live in NY, it hasn’t been this cheap to rent an apartment in Manhattan since 2013! (Bloomberg) On the other hand, Denver is a hot real estate market. (CNBC)   Investing On one hand: Warren Buffet values dividends. (USA Today) And on the other hand: Investor...

Question of the Day (Updated): What percent of Americans who have credit card debt won't be able to pay it off within a year?

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Sep 08, 2020
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Question of the Day, Credit Cards
Answer: 70% Questions: What do you think keeps so many Americans from paying off their credit card bill every month? Many who don’t pay their credit card bill every month will just pay the minimum (or about 3% of what they owe). Is that a good strategy? Why or why not? Why is it so important not to carry credit card debt month to month? What advice would you offer to a friend who’s trying to pay down their credit card bill while still managing their other expenses? Click here for...

Question of the Day (Update): What is #1 reason that people give for paying their credit card bill late?

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Aug 31, 2020
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Question of the Day, Credit Cards
Answer: 44% Forgot to make the payment Questions: Why do you think that so many people forget to pay their credit card bill?  What do you think are some of the consequences of not paying your bill on time?  What are steps that you can take so you are not one of those "forgetful" people who don't pay their bills on time?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (WalletHub):...

Question of the Day (Updated): What percent of 8-14 year olds have a credit card?

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Aug 24, 2020
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Question of the Day, Credit Cards
Answer: 17% "The idea of a child as young as 8-years-old having so much spending power in their pocket may seem absurd to some. But Stuart Ritter, a certified financial planner at T. Rowe Price, isn’t surprised or alarmed by the survey findings. He says it’s all about knowing your son or daughter and preparing them for the responsibility of having a card, if you believe they’re ready for one." Questions: Did you know that you could get a credit card as a child? What do you...

Virtual Adaptation - PLAY: Should They Open a Credit Card?

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Aug 24, 2020
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Teaching Remotely, Credit Cards, Video Resource
In the activity PLAY: Should They Open a Credit Card, students will analyze the profiles of a few different individuals and determine whether opening a credit card is a smart choice for them. There are many creative ways this activity can be incorporated in the classroom. We’ve listed some ideas that may work well for a synchronous and asynchronous virtual learning environment.   Synchronous Environment Ideas: Display the scenario slide and put students into small group breakout...

Question of the Day: Can you name one of the top five money mistakes that millennials made while in college?

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Aug 23, 2020
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Question of the Day, Paying for College, Credit Cards, Credit Scores
Answer: Questions: Given that the average college graduate leaves school with about $30,000 in debt, does it surprise you that 9 out of 10 who borrow don't understand the terms of their loans?  Which of the items above could be mistakes made by young people who don't go to college?  What concrete steps can you take to avoid making similar mistakes?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (College...

Question of the Day: What was the impact of coronavirus on credit card balances in April-June quarter this year? a) Increase in balances b) Decrease in balances c) No change

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Aug 18, 2020
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Credit Cards, Question of the Day
Answer: Decrease in balances Questions What do you think were the causes of this decline in credit card balances? What are the benefits of paying down your credit card balances?  Where do you think the credit card bill ranks when it comes to paying down other recurring monthly bills (rent/mortgage, car payment, utilities, smartphone) when money is tight?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (NY...

What's New With Managing Credit - 2020

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Aug 06, 2020
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Credit Reports, Credit Scores, Credit Cards
How is the pandemic impacting credit scores? For starters, 5 million student loan borrowers saw their credit scores drop after the CARES Act allowed (Federal) borrowers to defer payments with no interest and no penalty until September 30 (6 months). The loan servicers were supposed to report to the credit bureaus that $0 was owed and paid. Great Lakes reported only that payments were deferred, and several of the credit scoring agencies dinged the borrowers’ scores. Now they have to follow...

Virtual Adaptation - ANALYZE: Categorizing Credit

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Jul 27, 2020
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Teaching Remotely, Credit Cards
In the activity ANALYZE: Categorizing Credit, students analyze different types of credit (auto loans, credit cards, and more) and categorize the credit in three ways (installment vs revolving, secured vs unsecured, and variable vs fixed rate). There are many creative ways this activity can be incorporated in the classroom. We’ve listed some ideas that may work well for a synchronous virtual learning environment with or without breakout rooms.   Ideas for a synchronous learning...

Virtual Adaptation - INTERACTIVE: Credit Across US Communities

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Jul 06, 2020
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Teaching Remotely, Credit Cards, Credit Scores
The activity INTERACTIVE: Credit Across US Communities allows students to use an online, interactive map tool to answer questions about credit usage around the United States. The interactive map designed by The Federal Reserve Bank of New York allows an opportunity for students to analyze data and learn more about communities' access to credit and credit stress levels.   At a time where many schools have transitioned to offering synchronous and asynchronous learning, we've listed some...

Question of the Day (Update): How Do People Decide What Credit Card To Get?

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Jun 08, 2020
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Question of the Day, Credit Cards, Current Events
Answer: Rewards! Excerpt from the Survey: Generationally, 33% of millennials (ages 23-38) and 34% of Gen Xers (ages 39-54) say APR is the most important factor when deciding which credit card to apply for, compared with 24% of baby boomers (ages 55-73), the survey found. Boomers are more likely to say rewards or a card’s annual fee is the most important factor — 40% picked rewards as the top factor, compared with 29% of millennials and 31% of Gen Xers, and 24% of boomers...