Core Curriculum Content Standards

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21st Century Life and Careers Standards Learning Progressions

9.2 Personal Financial Literacy All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy.
C. Credit and Debt Management
By the end of Grade 4 By the end of Grade 8 By the end of Grade 12
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.4.C.1 Explain why people borrow money and the relationship between credit and debt.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.8.C.1 Compare and contrast the financial products and services offered by different types of financial institutions.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.12.C.1 Compare and contrast the financial benefits of different products and services offered by a variety of financial institutions.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.4.C.2 Identify common sources of credit (e.g., banks, credit card companies) and types of credit (e.g., loans, credit cards, mortgages).
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.8.C.2 Compare and contrast debt and credit management strategies.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.12.C.2 Compare and compute interest and compound interest and develop an amortization table using business tools.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.4.C.3 Compare and contrast credit cards and debit cards and the advantages and disadvantages of using each.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.8.C.3 Demonstrate an understanding of the terminology associated with different types of credit (e.g., credit cards, installment loans, mortgages) and compare the interest rates associated with each.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.12.C.3 Compute and assess the accumulating effect of interest paid over time when using a variety of sources of credit.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.4.C.4 Determine the relationships among income, expenses, and interest.
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.8.C.4 Calculate the cost of borrowing various amounts of money using different types of credit (e.g., credit cards, installment loans, mortgages).
Content: Credit management includes making informed choices about sources of credit and requires an understanding of the cost of credit.

9.2.12.C.4 Compare and contrast the advantages and disadvantages of various types of mortgages.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.4.C.5 Determine personal responsibility related to borrowing and lending.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.8.C.5 Determine ways to leverage debt beneficially.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.12.C.5 Analyze the information contained in a credit report and explain the importance of disputing inaccurate entries.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.4.C.6 Summarize ways to avoid credit problems.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.8.C.6 Determine potential consequences of using “easy access” credit (e.g., using a line of credit vs. obtaining a loan for a specific purpose).
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.12.C.6 Explain how predictive modeling determines “credit scores.”
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.8.C.7 Explain the meaning and possible consequences of “predatory lending practices.”
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.12.C.7 Explain the rights and responsibilities of buyers and sellers under consumer protection laws, and discuss common unfair or deceptive business practices.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.8.C.8 Explain the purpose of a credit score and credit record, and summarize borrowers’ credit report rights.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.12.C.8 Evaluate the implications of personal and corporate bankruptcy for self and others.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.8.C.9 Summarize the causes and consequences of personal bankruptcy.
Content: Credit worthiness is dependent on making informed credit decisions and managing debt responsibly.

9.2.8.C.10 Determine when there is a need to seek credit counseling and appropriate times to utilize it.