Category: Credit Cards

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...

Question of the Day: What's the maximum fee the first time a cardholder is late paying their credit card bill?

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Apr 27, 2020
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Credit Cards, Question of the Day, Current Events, Math
Answer: $29 (as of 1/1/20) Questions: What do you think are some of the reasons that people pay their credit card late? Do you think it’s worthwhile to call the credit card company to try and get this fee waived? Check out this earlier Question of the Day for the answer Some credit card companies are now allowing cardholders to skip a payment. Do you think this is a good idea? Why or why not? Click here for the ready-to-go slides for this Question of the Day that...

Question of the Day: What method of payment has seen the largest increase in the past month: Cash or Contactless Payments?

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Apr 22, 2020
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Checking Accounts, Credit Cards, Question of the Day
Answer: Contactless payments Questions:  Have you ever used “Tap to Pay” or contactless payment?  Do you think that consumers will go back to paying with cash in a few years or will they continue this trend toward contactless payments?  What do you think are the pros/cons of this specific form of payment? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Bloomberg): ...

Question of the Day: How often do the credit reporting agencies (Experian, Equifax and TransUnion) allow consumers to check their credit report for free?

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Apr 21, 2020
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Credit Reports, Question of the Day, Credit Cards, Current Events
Answer: Weekly Questions:  These credit reporting agencies typically allow consumers to check their reports annually for free. Why do you think they are now offering to let consumers check on a weekly basis? Given the current economic challenges, what do you think happens to a consumers ability to pay off their debts (e.g., student loans, home loans, credit cards, auto loans)? Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind...

Virtual Adaptation - Debate: Should College Students Have Credit Cards?

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Apr 13, 2020
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Credit Cards, Featured NGPF Lesson, Teaching Remotely
NGPF crowd favorite, Debate: Should College Students Have Credit Cards?, was highlighted in the 2020 FinLit Month Calendar. At a time where many schools have transitioned to offering synchronous and asynchronous learning, we’ve listed some adaptations that may work for your current classroom environment.   Synchronous Learning Environment Split students into an even number of small teams and assign which side of the debate they will cover. Students identify and list arguments (either...

Question of the Day: We asked 300+ personal finance teachers what they planned to do with their stimulus check. What was their #1 answer?

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Apr 05, 2020
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Question of the Day, Savings, Behavioral Finance, Parent Conversations, Investing, Credit Cards
Answer: Pay down debt Here's a summary of their responses:  Questions: How do you think YOU would handle a lump sum payment of several hundred dollars NOW?  Why do you think people answer this question with such different responses? What is the importance of having an emergency savings fund now?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (USA Today) Millions of workers and their families will...

EdPuzzle Thursday - TYPES OF CREDIT: Using Your Credit Card

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Mar 18, 2020
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EdPuzzle Thursday, Credit Cards
EdPuzzle is a great platform to test for knowledge while students watch a video and learn remotely. We will be releasing a new EdPuzzle video here on the blog each week so that your students can answer questions that are directly embedded within engaging videos.  In this week's EdPuzzle video, your students will learn important information about a credit card such as the billing cycle, how interest is calculated, the impact of paying minimum payments or missing a payment, and how to use a...

Chart of the Week: What has been the trend in interest rates over the past 700 years?

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Mar 17, 2020
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Chart of the Week, Credit Cards
From Visual Capitalist:    Interesting visual showing the history of interest rates since 1310. Perfect to share with your European history teachers. Here were the closing interest rates on debt issued by the U.S. Treasury over the past two weeks:  Note that on 3/9/20, all Treasuries from 1 month to 30 years were yielding under 1%...truly incredible!  Questions:  What has been the long-term trend in interest rates since 1310?  The purple dots on the far right are...

Question of the Day: Fill in the blanks. ______ % of Gen Z (18-24 year olds) have on average _______ credit cards with a median balance (amount they owe)  of _________.

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Feb 26, 2020
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Question of the Day, Credit Cards, Research
Answer: 33% of Gen Z (18-24 year olds) have on average 1.51 credit cards with a median balance (amount they owe) of $606.  Questions: What is the first word that comes to mind when you hear "credit card?" When do you think you will get a credit card?  If you have one already, when did you get it? How do you use it?  What do you think are some of the pros/cons of credit cards?  Click here for the ready-to-go slides for this Question of the Day that you can use in...

EdPuzzle Thursday - TYPES OF CREDIT: Comparing Cards

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Feb 26, 2020
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EdPuzzle Thursday, Credit Cards, Debit Cards
Want to assign videos with built-in questions? We will be releasing a new EdPuzzle video here on the blog each week so that your students can answer questions that are directly embedded within engaging videos. We are excited to share with you a new video each week and a new topic each month! In this week's EdPuzzle video, your students will learn the difference between a credit card, debit card, and prepaid debit card.  Interested in more EdPuzzle videos? Visit our Video...

Question of the Day: What percent of active credit card accounts carried a balance in 2019?

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Feb 17, 2020
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Credit Cards, Question of the Day, Research
Answer: Questions: Why do you think that such a high percentage of people carry a credit card balance and pay interest rates over 20%?  When did you/do you hope to get a credit card? If you have one, what do you use it for?  What strategies can you use to prevent overspending on your credit card and paying lots of money in interest?  Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. Behind the numbers (Comparecards.com...

Reading List for February 14-16

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Feb 14, 2020
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Personal Finance, Savings, Credit Cards, Investing, Economics, Retirement
Happy Valentine’s Day (and Presidents’ weekend)! In recognition of the holiday, I am sharing the first article from Barry Ritholz’ reading list this morning from Behavioral Scientist in case you still need to find that perfect Valentine’s card for the people in your life. Enjoy!   Personal Finance We do what we do to keep future generations from repeating our financial mistakes. According to a recent survey by Deposits.com, 85% of Americans admit to making financial...

"Going from Broke:" Episode Summaries and Discussion Questions

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Feb 14, 2020
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Video Resource, Credit Cards, Credit Scores, Investing, Budgeting
Ashton Kutcher is one of the executive producers of a series called “Going from Broke,” focusing on the massive (student) debt issue facing young adults.  Chicken Soup for the Soul Entertainment is the ad-supported video streaming service that runs the series on Crackle, and it hit 5 million views after just 4 weeks.  The series appears to be attracting attention. Dan Rosensweig, another executive producer, is the CEO of a company called Chegg and is the host of the show....

[Updated] Question of the Day: What percentage of Americans can not come up with the cash to cover a $400 emergency?

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Feb 11, 2020
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Question of the Day, Savings, Current Events, Credit Cards
Answer: 12% It is time once again to take a look at new data on this often quoted number, and put it in context. (In fact, 12% is the critical figure here, representing those who can’t pay it at all: 27% would have to borrow or sell something to cover the expense.) Questions: Are you surprised by this number? Why or why not? What are some emergency expenses that could amount to $400? How do you think the 39% cover this emergency cost if they don’t have money saved to cover it? What...