Types of Credit Activities

INTERACTIVE: What Interest Rates Are People Paying on Their Credit Cards?

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

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: Apply for a Personal Loan

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

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
    • 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: How Credit Card Payments Work

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

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 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

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

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.