How to Teach About Credit Card Debt
- Determine the target audience for the personal credit card education. Consider the audience's encounter with credit cards and debt. Make use of this information to tailor the information to satisfy their needs. For example , the info for college students who don't yet possess credit card debt is different than adults confused by credit card debt.
- Measure the credit card debt knowledge ( credit card education ) of the scholars. Paper and pencil assessments or stocks provide a more formal assessment. Another choice is an informal verbal assessment. Request the students to share their experiences or information and record the data in a graph. Use these experiences as a basis for your instruction.
- Provide an summary of credit cards including how they function, their advantages and the potential perils of credit cards.
- Cover the most popular terminology used in credit cards to produce a solid understanding. Terms to train include average daily balance, apr, finance charge, grace time period and minimum payment.
- Invite visitor speakers to offer personal experience with personal credit card debt. This might include a individual with current credit card debt, an individual who filed bankruptcy because of financial debt, a banker or an investment professional.
- Discuss credit scores, the way they are calculated and what impact they have got on a person's financial health. Point out the impact of late payments, over restrict charges and bankruptcy on the credit rating.
- Teach the students how you can manage their own personal credit card debt ( credit card education ) . Have them create a plan for all expenses as a money management device. Help them create a payoff plan when they already have personal credit card debt.
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Important Suggestions:
- Encourage the students to consider an active role by asking questions as well as participating in discussions.