Managing Credit Data Crunch
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Managing Credit Data Crunch
MATH: The Cost of Minimum Payments
In this activity, students will be able to:
- Calculate the interest accrued when paying minimum payments.
- Explore how different monthly payment amounts will impact the total interest paid and balance remaining after 5 months on a $5000 debt with 25% APR.
- Reflect on the additional interest costs associated with only paying the minimum payment on a credit card balance.
Source: NGPF
DATA CRUNCH: How Much Debt Do Different Generations Have?
In this activity, students will be able to:
- Analyze a bar graph
- Compare the amount of debt held by different generations in consecutive years
Source:
DATA CRUNCH: How “Credit Stressed” Are U.S. Consumers?
In this activity, students will be able to:
- Analyze a stacked bar graph comparing the credit stress across the US and within five specific states.
- Consider the causes and impacts of credit stress.
Source: Federal Reserve Bank of NY
DATA CRUNCH: How Do Credit Utilization Rates Vary by Credit Score?
In this activity, students will be able to:
- Analyze a bar graph comparing the credit utilization within different credit score tiers.
- Make inferences about how credit use impacts credit scores.
Source: CFPB
DATA CRUNCH: What Is The Most Common Credit Score By Age?
In this activity, students will be able to:
- Analyze a compound bar graph of common credit scores for different age groups to summarize the relationship between age and credit scores.
- Consider how scaling a graph can be used to better compare sets of data.
- Hypothesize how making credit scores accessible might impact consumers.
Source: Value Penguin
DATA CRUNCH: Who Gets Denied Credit?
In this activity, students will be able to:
- Analyze a bar graph comparing the percentage of credit applicant who are denied, disaggregated by race and income.
- Make an inference about the impact of racial inequities in credit approval.
Source: The Federal Reserve
