Lesson_8 - 1 Lesson 8 The Costs of Credit FSoS 1301: Cash...

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Unformatted text preview: 1 Lesson 8 The Costs of Credit FSoS 1301: Cash or Credit: You Need to Know Required Readings and Viewing Materials for Lesson 8: Federal Trade Commission (2008, June). Choosing a credit card: The deal is in the disclosures. Retrieved from http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre05.shtm. Read Choosing a Credit Card: The Deal is in the Disclosures 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 (pp. 162-193). Upper Saddle River, NJ: Prentice Hall Business Publishing. Read pages 3-7. Savvy, N. (Host). (n.d.). Borrowing using plastic: Responsibilities and how to’s. FDIC Money Smart. Podcast retrieved from http://74.205.121.32/listen_credit.html#. Listen to entire audio clip, or read transcript. Springboard Nonprofit Consumer Credit Management (2008). The wise use of credit. Retrieved May 1, 2010, from: http://www.credit.org/resources/Materials. Read pages 3-4. Optional Readings and Viewing Materials for Lesson 8: DeAngelis, J. (Producer). (2008). Credit card help 101 [Television series episode] . In On the Money. Retrieved from http://www.pbs.org/your-life-your-money/videos.php. View Credit Card Help 101 clip with Carmen Wong Ulrich. Federal Reserve Board (2010). New credit card rules effective Aug. 22. Retrieved from http://www.federalreserve.gov/consumerinfo/wyntk_creditcardrules2.htm. Read entire document. Federal Reserve Board (2010). What you need to know: New overdraft rules for debit and ATM cards. Retrieved from http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm. Read entire document. Lieber, R. (2010, January 9). The damage of card rewards. New York Times. Retrieved from http://www.nytimes.com/2010/01/09/your-money/credit-and-debit-cards/09money.html?sq=ron%20lieber%20and% 20rewards&st=cse&scp=3&pagewanted=print. Read entire article. 2 Lesson 8 Learning Objectives • Understand common credit card jargon. • Identify the importance of being aware of what you are signing. • Know the 5 major costs of credit. • Differentiate the most common balance calculation methods. • Understand the various penalty fees that can be imposed. By the end of this lesson, you should: • Understand common credit card jargon. • Identify the importance of being aware of what you are signing. • Know the 5 major costs of credit. • Differentiate the most common balance calculation methods. • Understand the various penalty fees that can be imposed. 3 Lesson 8 Understand What You Are Signing • Credit card applications are different. • Credit cards have various terms and conditions. • Terms and conditions may have long- term impact on debt level....
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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_8 - 1 Lesson 8 The Costs of Credit FSoS 1301: Cash...

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