Watch the EconEdLink video on buying with credit. Then, play the Wallet Wisdom Game (below) from Tampa Bay Times Newspaper in Education. What did you learn? What are some of the benefits of credit cards? What are some of the costs? Based on what you learned, create some wallet wisdom sayings. Then, create some wallet wisdom cards to pass out to friends and family to help promote financial literacy!
SS.912.FL.4.1:Discuss ways that consumers can compare the cost of credit by using the annual percentage rate (APR), initial fees charged, and fees charged for late payment or missed payments.
SS.8.FL.4.3 Examine the fact that borrowers who use credit cards for purchases and who do not pay the full balance when it is due pay much higher costs for their purchases because interest is charged monthly. Explain how a credit card user can avoid interest charges by paying the entire balance within the grace period specified by the financial institution.
SS.912.FL.4.5:Explain that lenders make credit decisions based in part on consumer payment history. Credit bureaus record borrowers’ credit and payment histories and provide that information to lenders in credit reports.
Created by Deborah Kozdras and Brittany Sampson