Credit

**__ Tuesday, December 9: Analyzing a Credit Card Offers and Rewards Programs __**
Answer the following questions using complete sentences. Share with jgrams@hlv.k12.ia.us //1. What is a credit card?// //2. When a customer uses a credit card, what are they actually doing?// //3. Define 'interest'.// //4. Why do banks lend out money?// //5. Are credit cards bad?//
 * Go to [|'It Costs What?!'] Credit Card Primer**

//Read pages 41 - 57 in your NEFE booklet. Go to "Using Credit Wisely". On a Google Doc, complete the Glogster. Place in your class folder.//

**__ Thursday, December 11: __**
Class discussion

Answer the following using complete sentences. //1. What is 'APR'?// //2. What is a typical APR rate?// //3. Which of these APRs offers the best long-term deal?// //-15% fixed APR// //-2% introductory APR, which goes up to 23% after 6 months// //-10% APR, which goes up 1% every month for 10 months// //19% fixed APR, with 1 airline mile earned for every dollar you spend// //4. How can you avoid paying interest on your credit card?// //5. What is a grace period and how long can it be?// //6. What is a 'late fee'?// //7. What is 'credit limit'?// //After analyzing the Case Studies, explain why Emma, Bryon, Kevin, and Maria all ended up paying different amounts for the digital music player, which had a sale price of $350.00.// //- Emma paid $714.86// //- Kevin paid $360.28// //- Byron paid $514.24// //- Maria paid $350.00//
 * Assignment:**
 * Go to [|'It Costs What?!'] Choosing and Using a Credit Card**
 * //Go to [|'It Costs What?!'] Case Studies//**

Read the following excerpt. Answer the questions using complete sentences. Use a Google Document for any responses with today's assignment.
 * __ Friday, December 12: Debit Cards and Reading Credit Card Statements __**

Some people think that all those plastic cards in their wallets and purses are the same. They are not. For example, there are big differences between debit cards and credit cards. Debit cards look like credit cards, but they work differently. Using a debit card is nearly the same as using cash. When you use a debit card, the charge for your purchase is immediately withdrawn, by electronic transfer, from your checking account. You do not receive a bill later. There is no loan involved, so you do not pay interest. Debit cards provide a convenient way to pay for things. In using debit cards, however, you need to remember two points. First, you must keep track of the debit-card payments charged to your account. Many people record these payments immediately in their check register so they will not forget them. Second, there is no “grace period” as there is for people using a credit card. Payment is immediate and certain.
 * Debit Cards:**

//1. What is a debit card?// //2. How does a debit card differ from a credit card?// //3. If Penny purchased a new DVD and the payment was deducted immediately from her checking account, what sort of transaction was used?// //- A credit card transaction// //- A debit card transaction//


 * Reading a credit card statement and credit card consumer protection laws.**

• Finance charges: The interest and other fees that might be assessed
[|Sample Credit Card Statement] - Answer the questions after analyzing the statement using complete sentences //1. What is the finance charge for the period////2. What is the annula percentage rate?////3. What is the minimum payment due?// //4. what is the total amount charged for purchases recently made?// //5. How much credit does Jane Doe still have available?// //6. What is the new balance?// //7. When is the next payment due?// //8. How many purchases are shown on the statement?//

Read [|How Credit Impacts Your Life] - Answer the questions using complete sentences. // 1. The range of FICO scores is // // 2. Above what score //// is considered good? // // 3. Exactly how does your credit score affect your life? //

**__ Monday, December 15: Reading Your Credit Report __**

 * // VIRTUAL BUSINESS-PERSONAL FINANCE (CREDIT) //**
 * //[|Lesson]//
 * //[|Worksheet]//

Go to [|How to Read Your Credit Report] - Answer all questions using complete sentences. Share with jgrams@hlv.k12.ia.us //1. Your credit report contains four parts. Identify each part. What information is included in each part? (Identify each part of the report as a bulleted item)//

//1. How long does bankruptcy stay on your credit report? Late payments? Accounts sent to collection? Lawsuits?//
 * Analyze the table** in [|Payment Information on Credit Reports]and then answer the questions.

**__ Tuesday, December 16: Consumer Help __**
Go to [|New Gift Card Rules] - Answer all questions using complete sentences. Share with jgrams@hlv.k12.ia.us Use 'Gift Card' as the document name.

On March 23, 2010, The Federal Reserve issued new rules to help consumers get the full value of their gift cards. // 1. Under the Credit CARD Act of 2009, when can gift cards expire? // // 2. When can an inactivity fee on a gift card by charged? // // 3. What information must be displayed on the card and what information does the cashier selling the card need to explain before selling the card? // // 4. What type of gift cards are not affected by these rules? // **According to a recent study**, the average college student carries about $3,000 in credit card debt. The study even projected that some freshman students could graduate with more than $8,000 in credit card debt if they continued charging at the same rate. The Credit Card Accountability Responsibility and Disclosure Act went into effect on February 22, 2010 and limits teenagers' ability to get credit cards.

**The Bankruptcy Abuse Prevention and Consumer Protection Act** introduced major changes in the way consumer filed bankruptcy. The law placed more requirements on bankruptcy filings that made it more difficult and costly for consumer to file. Click [|here] to read some of the major changes the new bankruptcy law introduced. Identify those changes and share with jgrams@hlv.k12.ia.us Use Bankruptcy Abuse as the document name.

**__ Wednesday, December 17: __**

 * //VIRTUAL BUSINESS-PERSONAL FINANCE (FIXING YOUR CREDIT)//**
 * //[|Lesson]//
 * //[|Worksheet]//

**__ Thursday, December 17: __**
Review for test (Friday)

[|Reality Check]

**__ Monday, December 13: Online Shopping and Identity Theft __**

 * Go to the 'Grams' folder in the Shared drive. **
 * 1. In the 'Careers' folder, click on 'Online Shopping'. Analyze the information sheet. Complete the assignment on a Google Doc. Use complete sentences for your answers. **
 * //When shopping online, how can you be sure the web site is secure?//
 * Identify nine (9) online shopping safety tips.
 * // What is phishing? What methods do scam artists use to get the information they want? //
 * //A reserve price in an internet auction means . . .//


 * 2. In that same folder, click on 'ID Theft'. Analyze the information sheet. Complete the assignment using the same Google document. **
 * Share with jgrams@hlv.k12.ia.us Use 'Online Shopping' as the document name **
 * // What is Identity Theft? //
 * // List five (5) things identity thieves do with the personal information? //
 * // Identify and explain all the ways identity thieves get the information. //
 * // Briefly explain how you can prevent identity theft. //
 * // For each item listed below, explain how the risk of identity theft can be minimized: //
 * // wallets/purses //
 * // credit, debit, ATM cards //
 * // credit card offers //
 * // mail //
 * // e-mail //
 * // telephone //
 * // computer security //
 * // social networks //
 * // internet purchases //
 * // social security number //
 * // credit report //
 * // Identify the three credit reporting agencies //

__** Wednesday, December 15: **__
Review all credit information through class discussion.

**__ Friday, December 17: __**

 * 1) 1 - Test over credit, identity theft, bankruptcy, online shopping