Types of Credit Activities

In this activity, students will be able to:

• Play the role of a loan shark 
• Understand what tactics lenders use to maximize their profits
• Determine which loan terms increase profits for lenders
• Learn about different types of loans and fees lenders offer and charge

In this activity, students will be able to:

• Explore the wide variety of interest rates on credit cards
• Make a connection between credit history and the interest rate people pay on credit cards

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

In this activity students will be able to: 

• Review a sample completed application for a personal loan
• Assess what types of questions are asked on a loan application and what their purpose is in establishing qualifications for the loan

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
  • Variable rate vs. fixed rate
• Available in English & Spanish

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

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

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.

In this activity, students will be able to: 

• Better understand how credit card payments work, with specific emphasis on the billing cycle, grace periods, statement vs. credit card balance, statement payment due date, and minimum payments

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

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

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

In this activity, students will be able to:

• Go through the process of calculating the cost of a mortgage by:
  • Finding a house
  • Using their credit score and explore the mortgage options that are available to them
  • Determining the down payment percentage, whether to get a fixed rate or adjustable rate mortgage and what the term will be
• Available in English & Spanish

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

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

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.

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

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.

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.

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.

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.