Types of Credit Activities

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:

• 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

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:

• 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.
• 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

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:

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

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.

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.