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 Hands On Banking Young Adults: Teacher's Guide
non-educational purposes can trigger taxes and other financial penalties. Secured credit The ability of an individual or a business to borrow money using assets, such as cash or real estate, as collateral. This means that if the borrower does not repay the debt as agree...
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non-educational purposes can trigger taxes and other financial penalties. Secured credit The ability of an individual or a business to borrow money using assets, such as cash or real estate, as collateral. This means that if the borrower does not repay the debt as agreed, the lender has the right to take ownership of the assets. Secured credit card A credit card secured by a savings account. The money in the savings account is collateral and may be claimed by the company issuing the card if the
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http://www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#page=60
www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#pag...
HANDS ON BANKING® • TEACHER’S GUIDE YOUNG ADULTS • SPENDING $ • www.handsonbanking.org 60 Section 1: <span class="highlight">Smart</span> Shopping Students explore ways to make the most of their money when shopping for everyday items, <span class="highlight">using</span> cell phones, <span class="highlight">and</span> planning large purchases. Opening Questions Use these or similar questions to start students thinking about this concept <span class="highlight">and</span> how it relates to them: • Describe <span class="highlight">a</span> time that you bought something on impulse. What did you think about your purchase at the time <span class="highlight">and</span> what did you
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www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#pag...
account. Manage it well. Never spend more than you have in the account. Over time, your bank will see that you’re reliable, someone they can trust to repay <span class="highlight">a</span> loan. Or get your own bank or store credit <span class="highlight">card</span> <span class="highlight">and</span> pay your bill on time, every month. States laws vary on the minimum age to get <span class="highlight">a</span> credit <span class="highlight">card</span> of your own. Check on the law in your state. Another way to build credit is to take out <span class="highlight">a</span> small loan, let’s say for <span class="highlight">a</span> computer, <span class="highlight">and</span> make your full monthly payment on time, every month. With each of these steps
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http://www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#page=86
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When you apply for <span class="highlight">a</span> <span class="highlight">card</span>, they’ll check your credit history <span class="highlight">and</span> decide whether or not to give you <span class="highlight">a</span> <span class="highlight">card</span>. They’ll also decide how much you’re allowed to borrow, or “charge.” This is called your credit limit. If the credit <span class="highlight">card</span> company issues you <span class="highlight">a</span> <span class="highlight">card</span>, they’ll let you know what your credit limit will be. • If you haven’t established <span class="highlight">a</span> good credit history yet, some lenders offer <span class="highlight">secured</span> credit cards. These are ideal for people who are starting out on their own or need to rebuild their credit. To qualify
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http://www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#page=90
www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#pag...
<span class="highlight">card</span> company. The phone number is on your statement. • Credit cards can be very helpful <span class="highlight">and</span> convenient, but it all comes back to having the cash to pay for what you charge. As we’ve seen, you pay <span class="highlight">a</span> price for keeping an unpaid balance on your credit <span class="highlight">card</span> from one month to the next. If you want to save money, try to get <span class="highlight">a</span> credit <span class="highlight">card</span> with <span class="highlight">a</span> low interest rate <span class="highlight">and</span> pay off your balance every month. Here are some more valuable tips about <span class="highlight">using</span> credit cards wisely: Tips for <span class="highlight">using</span> credit cards wisely • For
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http://www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#page=93
www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#pag...
money available for paying off your debts <span class="highlight">and</span> learn to live within your means. Disadvantages: Making debt repayment your priority will probably mean postponing or doing without some other purchases. Home equity loans Advantages: The interest rate is usually lower than credits cards <span class="highlight">and</span> the interest is tax-deductible. Monthly payments are much lower because the term of the loan is spread out over <span class="highlight">a</span> long term. Disadvantages: Remember, home equity loans are <span class="highlight">secured</span> by your home. If you fail to make your
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http://www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#page=128
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on time <span class="highlight">and</span> in full, you’ll establish <span class="highlight">a</span> solid credit history. Consider getting just one <span class="highlight">card</span> with <span class="highlight">a</span> low interest rate <span class="highlight">and</span> <span class="highlight">a</span> low spending limit. Use it for emergencies or planned purchases only. Don't use your credit <span class="highlight">card</span> for routine living expenses or for partying with friends. Whenever possible, pay in cash or use <span class="highlight">a</span> debit <span class="highlight">card</span> rather than <span class="highlight">using</span> <span class="highlight">a</span> credit <span class="highlight">card</span>. Weigh the value of part-time work Remember, there are 168 hours in <span class="highlight">a</span> week. If you sleep for 56 hours attend school for 40 hours, that leaves 72
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plan each time that the employee makes <span class="highlight">a</span> contribution. Marketing The activities of <span class="highlight">a</span> business (such as advertising, offering special sale prices, etc.) designed to gain new customers <span class="highlight">and</span> to interest customers in continuing to do business over time. Merchandise The products <span class="highlight">a</span> business offers for sale to its customers. Merchant <span class="highlight">card</span> processing <span class="highlight">A</span> service offered by credit <span class="highlight">card</span> providers, including many banks, that allows <span class="highlight">a</span> company to accept credit <span class="highlight">card</span> <span class="highlight">and</span> debit <span class="highlight">card</span> payments where it does business or
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http://www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#page=179
www.handsonbanking.org/nav_elements/teachers_guide_PDF/YA_T_Guide.pdf#pag...
non-educational purposes can trigger taxes <span class="highlight">and</span> other financial penalties. <span class="highlight">Secured</span> credit The ability of an individual or <span class="highlight">a</span> business to borrow money <span class="highlight">using</span> assets, such as cash or real estate, as collateral. This means that if the borrower does not repay the debt as agreed, the lender has the right to take ownership of the assets. <span class="highlight">Secured</span> credit <span class="highlight">card</span> <span class="highlight">A</span> credit <span class="highlight">card</span> <span class="highlight">secured</span> by <span class="highlight">a</span> savings account. The money in the savings account is collateral <span class="highlight">and</span> may be claimed by the company issuing the <span class="highlight">card</span> if the
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