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Students will understand the importance of financial contracts (e.g., disclosure information, grace period, payment penalties, methods of interest calculation).
Use the vocabulary worksheet and key (pdf).
FCCLA Activity Option
Consult the FCCLA website for their information on financial fitness.
Key to understanding credit is learning about the various costs of using it; interest rates, fees, penalties, and even opportunity costs. These costs are critical factors in making good decisions about whether using credit is an appropriate option or not.
Content Outline, Activities and Teaching Strategies
(All options do not necessarily need to be taught. Select ones to cover standards and objectives and according to your district policies.)
Option 1: Discussion - Cost of Credit
Have a lecture/discussion using the Cost of Credit Teacher Information (pdf).
Option 2: Vocabulary
Using the Financial Contract Vocabulary Worksheet and Teacher Key (pdf) conduct a lecture/discussion.
Option 3: Guest Speaker
The Utah Bankers Association will send a guest speaker to your classroom. The Banker will teach on Credit. To schedule a banker click on the their website. Under the teacher heading you will see "click here for a request form".
Option 4: Good Debt, Bad Debt: Using Credit Wisely
Students will be able to understand loan or credit applications. Student Guide: Unit Four Good Debt, Bad Debt: Using Credit Wisely National Endowment for Financial Education (NEFE) ©2006
Option 5: Selecting a Credit Card
Family Economics and Financial Education (FEFE) Lesson Plan-Selecting a Credit Card
Step #1: Go to : http://www.fefe.arizona.edu/download-lessons (You will need to register and log in to this website prior to use)
Step #2: Click on: Educational Resources then click on Curriculum then click on 4.0 Credit Cards.
Step #3: Click on 1.4.1 Selecting a Credit Card and download/print the lesson plan and resources.
The PowerPoint presentation explains how the Federal Truth in Lending Act requires card issuers to display the costs of credit cards in an easy to read box format-Schumer Box.
Option 6: Textbook
Students will be able to understand loan applications, terms and phrases. Text - Skills for Consumer Success Thomson South-Western ©2005
Once students have decided to use credit, they need to make sure they are getting the best deal by understanding the financial contract and its terminology.