Lesson_3 - Credit and Money Management FSoS 1301: Cash or...

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1 Lesson 3 Credit and Money Management FSoS 1301: Cash or Credit: You Need to Know Required Readings for Lesson 3: Keown, A. (2010). Using credit cards: The role of open credit. In Olver, J.M., Lant, T.K., Plant, R., Higgins, C.A., Majeske, K.D., & Kursh, S.R. (Eds.), Personal Finance: Turning Money into Wealth . Upper Saddle River, NJ: Prentice Hall Business Publishing. Read Pages 1-2. Sallie Mae (April, 2009). How undergraduate students use credit cards. Sallie Mae’s national study of usage rates and trends. Sallie Mae. Read pages 3-15. Simon, T. (Producer/Director). (2009). Digging Out of Debt [Video webcast] . In Johnson, P. (Executive Producer), Your Life Your Money. Retrieved from http://www.pbs.org/your-life-your-money/videos.php. View Digging Out of Debt clip with Amanda McCormick.
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2 Lesson 3 Learning Objectives Understand college campus trends regarding credit cards. Be able to discuss whether these trends apply to University of Minnesota students. Know statistics regarding student credit card usage and debt. By the end of this lesson, you should: • Understand the common trends on college campuses regarding credit card use. • Know the average number of credit cards and amount of debt college students have at different points in their college careers. • Be familiar with the results of Dr. Ehlinger’s (Boynton Health Service) study. • Recognize the factors that tend to influence credit card debt amounts for students. • Be acquainted with the historical background of credit cards. • Check out the Credit Café discussion.
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3 Lesson 3 Why Should Students Have a Thorough Understanding of Credit Cards and Money Management?
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4 Lesson 3 College Campus Trends Escalating college costs Growth in student loan amounts Rising costs not in-check with financial aid Increase in financially independent students Fewer parents providing financial help Mounting credit card usage and debt With rising college costs and students having to borrow more money to go to college, it is no surprise that college students are faced with many financial challenges. Financial aid has not kept up with rising tuition, and fewer parents are able to help with these increasing college costs for many reasons. These include a changing economy, economic demands of raising a family, and already high levels of debt meaning that parents, too, have overextended themselves with debt (Lyons, 2004).
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This note was uploaded on 01/24/2012 for the course ECON 4751H taught by Professor Triece during the Fall '11 term at Minnesota.

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Lesson_3 - Credit and Money Management FSoS 1301: Cash or...

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