Just One Resource - PROJECT: Budgeting for Your Credit Card Payments

Mar 18, 2019
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Just One Resource
Just One Resource  

 

 In this weekly blog post, the Curriculum team will highlight Just One Resource from our NGPF collection that maybe doesn't get the attention it deserves. Use it this week or bookmark it for later. 

[The Resource] PROJECT: Budgeting for Your Credit Card Payments

The Gist: Students work within the average young person’s monthly budget to make payments on credit card debt accumulated over 4 years of college. They make decisions on where to spend and save in order to pay down debt.

The Best Parts:

  • Students practice creating a budget using an online salary paycheck tool and by calculating dollar amounts based on given percentages
  • They then zoom in on average credit card spending over 4 years of college and identifying how much each monthly payment adds up to be in order to pay off the debt in a timely fashion
  • Lastly, students assess how to budget for credit card payments by creating a plan that includes details around total debt, monthly payment, interest rates, how they modified their monthly budget, and any benefits AND sacrifices of the debt repayment strategy they've chosen

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For more Types of Credit resources, keep an eye out for our Types of Credit mini-release next Thursday!