Financial Literacy Education | CARE Chicago
Credit and Debit Cards The Good and The Bad: When you use a credit card you are borrowing money, but this creates debt. Fill out the chart below with three good reasons and three downsides to using a credit card.PROSCONS52089051841500Money in the bank! When you use a debit card where does the money come from? __________________________________________-52754295715BalanceInterest/YearAmount Due End of YearBegin Y1: $100010%Begin Y2: 10%Begin Y3: 10%Begin Y1: $100025%Begin Y2: 25%Begin Y3: 25%00BalanceInterest/YearAmount Due End of YearBegin Y1: $100010%Begin Y2: 10%Begin Y3: 10%Begin Y1: $100025%Begin Y2: 25%Begin Y3: 25%Interest and Fees: It costs money to borrow money. Let’s calculate compound interest: What is the main concern with paying only the minimum payment each month? __________________________________________________________________________________________________________________________________________________________________________-2984509779000Avoid Interest and Late Fees! What is the only way to avoid paying interest when using a credit card? _____________________Be aware! What are some other fees credit card companies can charge? 19113503810POSSIBLE FEES00POSSIBLE FEESFFEES296487399118004025900615950017018006159538925502527302235200252730565150252730 ................
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