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L EARNING, E ARNING, AND I NVESTING FOR A N EW G ENERATION © C OUNCIL FOR E CONOMIC E DUCATION, N EW Y ORK, NY C REDIT : Y OUR B EST F RIEND OR Y OUR W.

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Presentation on theme: "L EARNING, E ARNING, AND I NVESTING FOR A N EW G ENERATION © C OUNCIL FOR E CONOMIC E DUCATION, N EW Y ORK, NY C REDIT : Y OUR B EST F RIEND OR Y OUR W."— Presentation transcript:

1 L EARNING, E ARNING, AND I NVESTING FOR A N EW G ENERATION © C OUNCIL FOR E CONOMIC E DUCATION, N EW Y ORK, NY C REDIT : Y OUR B EST F RIEND OR Y OUR W ORST E NEMY ? L ESSON 12

2 L EARNING, E ARNING, AND I NVESTING FOR A N EW G ENERATION © C OUNCIL FOR E CONOMIC E DUCATION, N EW Y ORK, NY Credit Definitions Credit The ability to obtain goods and services before paying for them, based on a promise to pay later. Individuals who use credit are borrowing money. Revolving credit Credit that is available up to a limit and automatically renewed as debts are paid off or paid down. People who use revolving credit often make partial payments on their unpaid balances at regular intervals. Credit-card accounts offer revolving credit to credit-card users. L ESSON 12 – C REDIT : Y OUR B EST F RIEND OR Y OUR W ORST E NEMY ? S LIDE 12.1

3 L EARNING, E ARNING, AND I NVESTING FOR A N EW G ENERATION © C OUNCIL FOR E CONOMIC E DUCATION, N EW Y ORK, NY Answers to Worksheet for Justin Jabowski JanuaryPurchases$ Minus minimum payment11.75 Unpaid balance FebruaryPurchases Previous balance Plus finance charge3.35 Total owed Minus minimum payment19.18 Unpaid balance L ESSON 12 – C REDIT : Y OUR B EST F RIEND OR Y OUR W ORST E NEMY ? S LIDE 12.2

4 L EARNING, E ARNING, AND I NVESTING FOR A N EW G ENERATION © C OUNCIL FOR E CONOMIC E DUCATION, N EW Y ORK, NY Answers to Worksheet for Justin Jabowski L ESSON 12 – C REDIT : Y OUR B EST F RIEND OR Y OUR W ORST E NEMY ? MarchPurchases Previous balance Plus finance charge5.47 Total owed Minus minimum payment31.99 Unpaid balance AprilPurchases Previous balance Plus finance charge9.12 Total owed1, Minus minimum payment55.35 Unpaid balance1, S LIDE 12.3


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