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Evaluate ways that debt can negatively affect your financial future and how to overcome
personal debt.
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Timeline
Warm Up: 5 min.
Video 2.6: 15 min.
Rent to Own Activity: 30
min.
o Partners
o Computers
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The Colbert Report: 5 min.
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Warm-up:
Fact: There are roughly 1.2
billion credit cards in use in
the United States.
What does this tell you
about our countries
spending habits?
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Explain the elements of a credit score and credit report.
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Timeline
Warm Up: 5 min.
Video 3.1: 10 min.
Debunking the Credit Myth
Activity: 30 min.
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o Computers
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Broke: 10 min.
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Warm-up:
Fact: Studies show the
average consumer is
exposed to more than
3,000 marketing
messages every day. In the
last decade, it's been
estimated, solicitations
jumped from 1.52 billion
annually to 4.29 billion.
Do you think marketing
and advertising has any
effect on you? Explain.
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Pick one of the myths presented in the Debt chapter. Write a persuasive
essay to someone who believes that particular myth to be true.
Remember that a persuasive essay attempts to convince someone that
your point of view is valid. In your essay, be sure to discuss both sides of the
position so you can effectively counter the opposing view.
Use one other source of information besides your student text to support
your argument. You can search for information at daveramsey.com or use a
search engine and type a summary of your myth in the search box (for
example, “lottery tax on poor”).
Your persuasive essay will include the following five paragraphs:
Introductory paragraph: Provide a clear statement of your position in the
topic sentence. Give two clear arguments that support this position.
Two supporting paragraphs: Each argument stated above should be
covered in a separate paragraph. Support each paragraph with specific
examples, facts and reasoning.
One paragraph stating the opposite viewpoint: Use an opposing statement
and then refute it. For example, you might say, “One could argue that (state
opposite viewpoint), but I believe that (state your viewpoint).”
Closing paragraph: Restate the position. Reaffirm the most compelling
argument. Do not introduce new arguments in the conclusion.
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Identify organizations that maintain consumer credit records.
Summarize major consumer credit laws.
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Timeline
Warm Up: 5 min.
Video 4.1: 15 min.
Debt Snowball Activity: 25
min.
Warm-up:
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o Small Groups
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Take away?
Broke: 10 min.
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Fact: The average interest rate
on credit cards is 18.9 percent.
Fact: A typical American family
today pays about $1,200
annually in credit card interest.
Fact: In 2003 the credit card
industry took in $43 billion in
card fees.
How much money would you
have if you invested $1,200 a
year at 18.9 percent interest for
10, 20 and 30 years?
Answer:
o 10 years = $50,566.54
o 20 years = $372,563.89
o 30 years = $1,472,819.25
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Review credit myths.
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Timeline
Warm Up: 5 min.
Review Key Terms: 10 min.
Money in Review: 20 min.
Broke: 20 min.
Home Work: Study for Test
Warm-up:
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Fact: A typical credit card
purchase ends up costing
112 percent more than if
cash were used.
Fact: About 60 percent of
active credit card accounts
are not paid off monthly.
Fact: Average credit card debt
among all American
households is $8,400.
If everyone knew these facts,
why would anyone have a
credit card?
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Assess student learning through a test.
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Timeline
Warm Up: 5 min.
Chapter 4 Test: 30 min.
Four Corner Cool Down for
Debt Lesson: 5 min.
Broke: 15 min.
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Warm-up:
Fact: The personal savings
rate in the United States
has dropped from 8
percent in the 1980s to
just under 2 percent since
2000.
Why do you think the
above is true?