in your notebook… imagine you have a $2,000 balance on a credit card with an 18% interest rate....

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In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance making the minimum payment (interest + 1% of balance) each month? How long do you think it will take to pay off the balance if you pay $100 per month? Credit Card Calculator

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Page 1: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

In your notebook…Imagine you have a $2,000 balance on a credit card with an

18% interest rate.How long do you think it will take to pay off the balance

making the minimum payment (interest + 1% of balance) each month?

How long do you think it will take to pay off the balance if you pay $100 per month?

Credit Card Calculator

http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx

Page 2: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

Learning GoalsStudents will be able to…

Define key terms related to credit cards.Analyze and assess a credit card offer.Identify essential advice regarding the use of credit cards.

Page 3: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

Credit CardsUsing Them Wisely

Page 4: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

The Numbers29% of Americans have no credit cards (up from 22% in 2008)

Of those that have cards, the average number is 3.7

On average households carry about $5700 in credit card debt

Per the Credit Card Act of 2009 those under 21 cannot get a credit card unless they have an adult co-signer or can prove they have sufficient income to pay bills

Page 5: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

This data excludes store cards.

Page 6: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

Your TaskRead through the ABCs of Credit Card Finance: Essential Facts

for Students

Fill in the graphic organizer

Share your thoughts with your partner

Together analyze the credit card offer

Page 7: In your notebook… Imagine you have a $2,000 balance on a credit card with an 18% interest rate. How long do you think it will take to pay off the balance

Let’s SummarizeRecord

3 tips for using credit cards wisely

2 common credit card costs

1 question you have about credit cards

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