Credit and Debt Basics
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Credit and Debt Basics
🎯 WALT: We Are Learning To understand credit, debt, and interest
📚 Key Definitions
Credit: Money borrowed that must be paid back, usually with interest
Interest: The cost of borrowing money, shown as a percentage
Debt: Money that you owe to someone else
Credit Worthiness: How likely you are to pay back borrowed money on time
💰 Good Debt vs Bad Debt
Good Debt: Helps you build wealth or improve your future (e.g., student loans, mortgages)
Bad Debt: Costs money without building wealth (e.g., credit card debt for luxury items)
_____ Student loan for university
_____ Credit card debt for expensive shoes
_____ Mortgage to buy a house
_____ Personal loan for a holiday
_____ Business loan to start a company
Option A: Bank loan at 8% interest per year
Option B: Credit card at 18% interest per year
🎯 Real-World Scenarios
A: Save for 5 months and pay cash
B: Use a credit card (20% interest, minimum payments)
C: Get a personal loan from the bank (12% interest)
Which option would you recommend and why?
Success Criteria: I can explain what credit and interest are, identify good vs bad debt, compare different credit options, and understand what makes someone creditworthy.
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