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Debt

Foundation in Personal Finance - Chapter 4

This chapter identifies the devastating costs of using debt as a financial tool, debunks credit myths, explains the elements of a credit score, identifies organizations that maintain consumer credit records, and summarizes major consumer credit laws.

Chapter 4 Learning Outcomes

In this chapter, students will…
  • Identify the costs of using various types of credit.
  • Evaluate and refute the myths associated with debt.
  • Apply systematic decision making to identify the most cost-effective option for purchasing a car.
  • Identify various types of mortgage loans and the most cost-effective option for purchasing a home.
  • Evaluate ways that debt can negatively affect your financial future and how to overcome personal debt.
  • Describe the elements of a credit score.
  • Understand how to obtain a credit report.
  • Explain how a credit score affects creditworthiness and the cost of credit.
  • Explain the factors that affect a credit score.
  • Analyze a credit report, indicate the time that certain negative data can be retained, and describe how to dispute inaccurate entries.
  • Identify organizations that maintain consumer credit records.
  • Summarize major consumer credit laws.
  • Develop a plan for protecting personal information.

Chapter 4 Vocabulary

  • Annual fee
  • Annual percentage rate (APR)
  • Credit card
  • Credit report
  • Credit score
  • Debt snowball
  • Depreciation
  • Introductory rate
  • Loan term
  • Tax deduction

Academic Standards Met in Chapter 4

Financial Responsibility and Decision Making: Apply reliable information and systematic decision making to personal financial decisions.
  • HS-PF1-1: Take responsibility for personal financial decisions.
  • HS-PF1-3: Summarize major consumer protection laws.
  • HS-PF1-4: Make financial decisions by systematically considering alternatives and consequences. 
  • HS-PF1-6: Control personal information.
Planning and Money Management: Organize personal finances and use a budget to manage cash flow.
  • HS-PF3-3: Describe how to use different payment methods.
Credit and Debt: Maintain creditworthiness, borrow at favorable terms, and manage debt.
  • HS-PF4-1: Identify the costs and benefits of various types of credit.
  • HS-PF4-2: Explain the purpose of a credit record and identify borrowers’ credit report rights.
  • HS-PF4-3: Describe ways to avoid or correct debt problems.
  • HS-PF4-4: Summarize major consumer credit laws.

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Chapter 4

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