4 - Debt - Mr. Alderman's Classes

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.

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.

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.