Unit+3+Credit

=Credit=

New resources to consider: In which we explain what a credit score is, how to FIND your credit score, and (most importantly) how to IMPROVE your credit score and credit history! https://youtu.be/IE33uqXfhJ4?list=PLvdeRYvP0yPWuDfZOPMorvnCB7ez69Y83 5 min video on credit scores...

Master Your Cards in 4 Minutes: Debit Vs Credit EXPLAINED! https://youtu.be/UlvdEvO63co?list=PLvdeRYvP0yPWuDfZOPMorvnCB7ez69Y83

=Week 1 Field trip=

Look at Coastal's website to see what they offer in terms of Personal Services and @https://www.coastal24.com/index.html
 * Preparation:**

Coastal Branch & ATM 1000 St. Albans Dr. Raleigh, NC 27609
 * Coastal Headquarters & Branch**

One of the strong messages the person who is giving this field trip has is that parents and kids need to start creating their credit histories early. I know some parents haven't thought about this. Here's the basic message: @http://financialplan.about.com/od/creditdebtmanagement/a/StudentCredit.htm

In the weeks ahead, we'll explore this topic a bit more as to why. I'm also going to ask parents, if they're comfortable, to pull their own credit report to go over with their kids -- what's in a credit report, etc. Unfortunately, none of them will have their own credit report to see.

Week 2 Credit and loan basics
With a sideline about creativity and motivation...


 * Homework** -- either using the credit card envelopes you took from class last week or from the website below (Credit Cards for Students), compare 3 credit cards across several terms. Use the form in the spreadsheet (or the paper copy you took home with you).

Credit Cards for Students

**Week 3 Credit Card basics**
To celebrate the new year, Kristen went shopping and charged $1,000 on her new credit card. Kristen receives her credit card statement at the end of every month and has decided to pay only the minimum amount due each month, which is $20. Assume that Kristen doesn’t make any additional purchases, her credit card company charges an APR of 21%, finance charges are based on the previous month’s balance, and she receives her first statement in January.
 * Try calculating on a spreadsheet:**

Use an Excel spreadsheet to determine the following:
 * 1) The number of years and months it will take Kristen to pay the balance.
 * 2) The amount of interest Kristen will pay.
 * 3) The total amount Kristen will actually pay for her purchases.

To help, here's the spreadsheet we calculated in class (look at the various tabs at the bottom):

Watch 2 videos on Netflix (maybe on youtube or other places as well): Questions when watching both of them:
 * Who IS making the decision to have more credit cards?
 * How do you avoid debt levels that cause so much problem?

2006 NR86 minutes With sobering facts, this thought-provoking documentary unveils the consequences of Americans' collective addiction to plastic debt -- including its contribution to the vanishing of a once-robust middle class. Investigating personal debt, the U.S. government's out-of-control national debt and those who prey on the poor, this film explores the staggering financial burden people live with every day, which has driven some to extreme action. []
 * Maxed Out** *

2009 UR54 minutes PBS's award-winning investigative series "Frontline" examines how the banking and credit industries are reacting to new regulations guiding how Americans obtain the credit that so frequently turns out to be a curse rather than a blessing. How can credit card companies position themselves to continue making massive profits while encouraging fiscal responsibility and a stable U.S. economy? Politicians, lobbyists and consumer advocates respond. []
 * Frontline: The Card Game**

@http://www.cscpa.org/Content/23947.aspx
 * Background resources:**
 * Selecting a Credit Card: The Devil’s in the Detail
 * The Cost of Credit: Behind the Numbers
 * Credit Scores: What’s the Score?

Dave Ramsey @http://www.daveramsey.com/article/the-truth-about-teens-and-credit-cards/

Managing Your Debt: How Much is Too Much? @http://www.cscpa.org/Content/23947.aspx