Types of Credit Activities

ANALYZE: Alternative Lending (Sp)

In this activity, students will be able to:

  • explore alternative lending options (beyond banks and credit unions). This includes peer-to-peer lending, microcredits, crowdfunding, and small business loans.
  • research the target demographic, credit check, fees, interest rates, minimum amounts, term and more.
  • Available in English & Spanish

ANALYZE: Categorizing Credit (Sp)

In this activity, students will be able to:

  • analyze different types of credit (like auto loans, credit cards, money borrowed from a friend, and more)
  • categorize the credit in three ways:
    • installment loans vs. revolving credit,
    • secured debt vs. unsecured debt, and
    • variable rate vs. fixed rate.
    • Available in English & Spanish

ANALYZE: Should They Open a Credit Card? (Sp)

In this activity, students will be able to:

  • analyze the profiles of a few different individuals and
  • determine whether opening a credit card is a smart choice for them
  • examine their living situation, financial status, debt and employment to make the determination.
  • Available in English & Spanish

ANALYZE: Student Loan Decision Making (Sp)

In this activity, students will be able to:

  • analyze the profiles of three students to help provide advice about what decisions they should make in terms of securing student loans to pay for college
  • examine their financial aid offers, career goals, and college choices.
  • Available in English & Spanish

ANALYZE: Understanding Amortization

In this activity, students will be able to:

  • develop an understanding of how a loan is repaid by analyzing an amortization table
  • use the repayment schedule for a personal loan for a vacation to see how changes to monthly payments can affect total interest paid and the term of payment.

CALCULATE: Shopping with Interest (Sp)

In this activity, students will be able to:

  • Use an online credit card calculator to work through a variety of credit card debt scenarios caused by every day spending.
  • Investigate the impact of interest on the cost of their purchases.
  • Available in English & Spanish

CALCULATE: Understand Your Credit Agreement (Sp)

In this activity, students will be able to:

  • Interpret a Schumer Box, then use a credit card calculator to learn how important the fine print is and how payment size impacts interest and debt payoff time.
  • Available in English & Spanish

CALCULATE: Using a Mortgage Calculator (Sp)

In this activity, students will be able to:

  • use a mortgage calculator to help different individuals determine how their mortgage will look, including their monthly payment, total interest, down payment.
  • Available in English & Spanish

CALCULATE: Your Mortgage (Sp)

In this activity, students will be able to:

  • go through the process of calculating the cost of a mortgage.
  • First, they will find a house.
  • Then they will use their credit score and explore the mortgage options that are available to them and
  • determine the down payment percentage, whether to get a fixed rate or adjustable rate mortgage and what the term will be.
  • Available in English & Spanish

COMPARE: Auto Loans (Sp)

In this activity, students will be able to:

  • use an auto loan calculator to compare the cost of different auto loans
  • explore how the down payment, APR, interest, cash allowance, credit score and fine print affect the terms of an auto loan.
  • Available in English & Spanish

COMPARE: Select a Credit Card

In this activity, students will be able to:

  • Determine what features they value in a credit card and then conduct online research to determine which credit cards best meet their needs.
  • Compare and then select which card would be best for them.

COMPARE: Select the Right Auto Financing

In this activity, students will be able to:

  • examine different car offers, both for sale and some for lease
  • look at prospective buyers and determine the best car for them based on their financial situation and preferences.

COMPARE: Which Repayment Option is Best? (Sp)

In this activity, students will be able to:

  • take a variety of factors about individuals (salary, location and student loan debt)
  • use a student loan repayment calculator to preview their repayment options
  • determine which repayment option is best.
  • Available in English & Spanish

DEBATE: Should College Students Have Credit Cards?

In this activity, students will be able to:

  • Review resources and then search for their own either FOR or AGAINST college students having credit cards.
  • Prepare for a classroom debate.

EXCEL: Build a Credit Card Calculator

In this activity, students will be able to:

  • Choose between 4 different, scaffolded options for creating their own credit card calculator, depending on their familiarity with electronic spreadsheets.

RESEARCH: College Student Credit Card Usage

In this activity, students will be able to:

  • Conduct internet research to find information on how college students use credit cards.
  • This includes: how many cards college students have, how much debt they carry, and the total number of college students with credit cards.

RESEARCH: Credit Card Laws Web Quest

In this activity, students will be able to:

  • research three major laws regarding credit cards
    • The Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009.
    • The Fair Credit Billing Act.
    • The Truth in Lending Act.

RESEARCH: Credit Card With Lowest Interest Rate?

In this activity, students will be able to:

  • Search the internet to find the credit card that carries the lowest interest rate (that isn’t “introductory” or “promotional”).
  • Reflect on what they learned.

ROLEPLAY: Apply for a Personal Loan

In this activity, students will be able to:

  • apply for a personal loan. In this process, they will
    • determine what questions they should ask before applying for a loan,
    • what information is required to request a loan, and
    • what factors will determine whether they are approved for the personal loan.