CATEGORY: Financial Wellness
Course 5–Purchasing Using Credit
Course Access: Lifetime
Used properly, borrowing money or going into debt can help us own a home, get an education, buy a house/condo or buy a business. By understanding how debt can work for us to help achieve our goals as well as work against us and hindering our ability to move forward is important. With proper management debt can be a tool to help us accomplish great things.
Within this course students will discover how to potentially use debt to finance their goals when saving and investing is not enough. Upon successful completion of this course students will be able to understand credit uses and costs by learning to:
After completing this course, students will have learned to:
- Describe the risks and responsibilities associated with using credit.
- Identify the role of credit.
- Describe the factors that affect credit worthiness.
- List basic types of credit.
- Compare the services of various types of financial institutions and identify advantages.
- Compare services available from financial institutions, and solve problems involving the cost of purchases on credit.
- Manage money.
- Describe consequences of using excessive debt.
- Calculate how long it takes to repay debt and total cost when borrowing and making minimum payments.
- Compare the advantages and disadvantages of different payment methods.
- Calculate and compare costs associated with the use of credit..