Using Credit Standards and Resources

Credit: Buy today and pay tomorrow! Credit is good because it allows people to purchase goods and services that they use today and pay in the future--with interest–or else there can be consequences. Students should learn how to make calculations about borrowing, which include payments and compound interest. From credit scores to student loans to bankruptcy, this is an essential standard for financial literacy.  

* Credit image from 401kcalculator.org

Credit Resources from the video:

• Hands on Banking Interactive 
• EconEdLink introductor lesson on Credit
• Biz Kid$ Credit videos
• Clearpoint Credit Counseling: 
• FICO: credit reports and calculating a credit score
• Consumer bankruptcy from Florida Bar
• Student loan default
• FTC: Disputing Errors on Credit Reports

Financial wellness credit from Yumonomics

More Articles on Credit and Behavioral Economics

• Why did I do that? An Apple or a Donut article
• Do people like nudges? 
• How Behavioral Economics Explains 6 Money Mistakes
• Washington Post article: Behavioral Economics Analysis of Consumer Credit Use​

Federal Reserve Websites

• Bank Rate Credit Calculator
• Federal Reserve Lesson Pepe's Pizza
• FICO Credit Calculator
• St, Louis Fed Personal Finance

More Credit Resources

Check out more resources for teaching about credit. Links include the websites from Financial Freedom Ch. 4. The teacher guide for Financial Freedom Ch. 4 is below.  

ch4_using_credit_wisely_instructional_guidelines.docx
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