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Managing Debt

Managing Debt

Article • 15 min of learning
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Here's how Managing Debt aligns with curriculum standards in Massachusetts. Use the filters to change the location, set of standards, and grade level.

Standards
Defined by Personal Financial Literacy 9th-12th Grades and align with Managing Debt
HSS.PFL.T3.1: Recognize that a credit card purchase is a type of loan from the financial institution that issued the credit card, that financial institutions may charge a fee for credit card use, and that credit card interest rates tend to be higher than those for other types of loans.
HSS.PFL.T3.2: Explain why some banks offer credit at low introductory rates that increase when a consumer makes a late payment or misses a payment.
HSS.PFL.T3.3: Explain what a credit bureau does, what a credit rating is and the factors from an individual's credit history that may lead to denial of credit; explain the potential uses of credit reports and scores (e.g., in hiring or renting decisions or the setting of insurance premium rates).
HSS.PFL.T3.4: Research and report on the long-term consequences for borrowers of failure to repay loans, such as negative entries in a credit report, repossession of property, garnishment of wages, the inability to obtain loans in the future, and bankruptcy.