Consumer.gov Lesson Plan Materials: Using Credit



Words to Know: Using Credit (Basic / Beginning)Teacher: Edit this handout to include only the 6-8 words you need or want to emphasize with your learners.WordExample SentenceaffordYou can use a credit card to buy things when you cannot afford to pay cash.annual feeWhat is the annual fee for this credit card?applyYou must apply to get a credit card.APRAPR is how much interest you pay for one year.balanceThe balance is the amount you owe that you did not pay back.bank accountYou need a bank account to get a secured credit card.billThe credit card company sends you a credit card bill.chargeThe bill shows the charges on your credit pareBe sure to compare the costs of using different credit cards.credit cardYou must apply to get a credit card.credit historyYou need a good credit history to get a credit card.credit limitYour credit limit is the amount you can spend using that credit card.credit reporting companyThere are three big credit reporting companies.credit unionCredit unions offer credit cards.dealCredit cards offer different deals.debit cardYou need a bank account to get a debit card.debtSome people have problems with debt.depositYou deposit money in a savings or checking account.earnYour deposit should earn interest.everydayYou can use a credit card to buy everyday things.expensiveCredit is more expensive if you do not pay your whole bill.feeSome prepaid cards charge fees.furnitureYou can get a loan to buy furniture.grace periodThe grace period is the time before a credit card company charges interest.groceriesYou can use a credit card to buy groceries.in advanceYou pay in advance for a secured credit card.interestSometimes the bank pays interest on the money you deposit.interest rateThe interest rate tells you how much it costs to borrow money.lendWhen you use a credit card, the company lends you money.loanA loan is another way to borrow money.minimum paymentYour credit card has a minimum payment every month.offerMany banks offer credit cards.oweWhen you pay your balance, you do not owe more money.pawnSome people pawn things when they need money.payday lenderYou can get a loan from a payday lender.percentThe interest rate on this credit card is 18 percent (18%).prepaid cardA prepaid card is a card you can use to pay for things.productSome stores offer loans to buy their product.repayYou must repay the money you borrow.secured credit cardI used my bank account to get a secured credit card.servicesYou can use a credit card to pay for services.(car) titleSome people use their car title to get a loan. ................
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