How much do you really pay when you use a credit card?
A young person turns eighteen and heads off to college or perhaps starts working. He is blasted with offers of easy credit. Low introductory rates, free t-shirts and water bottles, and access to quick cash entice him to sign up. Then, he goes shopping. Without a basic understanding of how credit works, he can get thousands into debt before he even knows what hit him!
Of course, credit is a complicated topic.
This lesson focuses on the basics of borrowing with a credit card including interest rates, monthly compounding intervals, and different payback options. By comparing a few different scenarios, students will understand how much an item can really end up costing when it’s purchased with a credit card.
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