NAME: Kathy Wells SCHOOL: Unioto High School WORKSHOP LOCATION: ORCLISH (Columbus) - March 17, 2004 TITLE OF COMPANION ACTION PLAN: Consumer Credit GRADE LEVEL(S): 12 CURRICULUM SUBJECT AREA: Consumer Math SPECIFIC TOPIC: Consumer Credit $$ CONSUMER CREDIT $$ Buying on credit is a common occurrence for most people. We use credit cards to purchase an outfit, buy food at our favorite restaurant or grocery store, rent a car, reserve a hotel room, purchase tickets for a concert or sporting event, or many other goods or services. Credit has many benefits, but it also can lead to financial problems if not used wisely. Consumers need to be knowledgeable concerning the types of credit, credit costs, and the rights and responsibilities involved in using credit. You might find the following Dewey numbers and subject headings helpful in locating materials in the Learning Center or a neighborhood library. Dewey Numbers: 332.024 Personal Finance 332.1 Banking Services 332.7 Credit, Credit cards 346.07 Credit law Subject Headings: Credit Consumer credit Credit card crimes Credit cards Credit unions Loans Personal Finance BOOKS ABOUT CONSUMER CREDIT ISSUES AND CONCERNS Brunette, William Kent. Conquer Your Debt. New York: Prentice Hall, 1990. (332.02 BRU) Green, Meg. Everything You Need to Know About Credit Cards and Fiscal Responsibility. New York : Rosen, 2001. (332.7 GRE) Leonard, Robin and Deanne Loonin. Credit Repair. Berkeley, CA : Nolo, 2002. (332.7 LEO) Strong, Howard. What Every Credit Card User Needs to Know: How to Protect Yourself. New York : Henry Holt, 1999. (332.7 STR) Valliant, Doris. Personal Finance. Philadelphia: Chelsea House, 2001. (332.024 VAL) Weiss, Ann E. Easy Credit. Brookfield, CT: Twenty-First Century, 2000. (332.7 WEI) ELECTRONIC RESOURCES INFOhio provides access to Ohio K - 12 schools as well as home access for students, teachers and parents to a core collection of electronic resources. To access INFOhio log-on to http://www.infohio.org. (From home, you will be asked to enter a username and password - see your library media specialist for these.) http://www.infohio.org On the INFOhio home page click on the Core Collection button. Two of the resources which you might find helpful in researching consumer credit are "Britannica Online School Edition" and "Oxford Reference Online". SELECTED MAGAZINE ARTICLES AVAILABLE THROUGH EBSCOhost The EBSCOhost Database is part of the INFOhio "Core Collection" and provides full-text articles from more than 6,000 popular magazines, scholarly journals and newspapers. These magazine articles will be helpful in providing a general background on consumer credit and credit cards. CREDIT CARDS. By: Goldwasser, Joan. Kiplinger's Personal Finance, Feb2004, Vol. 58 Issue 2, p88, 2/5p, 3 charts; Reading Level (Lexile): 1250; (AN 11929219) Credit Tools. By: Feldman, Judy. Money, Feb2004, Vol. 33 Issue 2, p35, 1/4p, 1bw; Reading Level (Lexile): 1140; (AN 11945906) Steps To Rebuild Your Credit. Ebony, Mar2004, Vol. 59 Issue 5, p40, 1p; Reading Level (Lexile): 1180; (AN 12110771) Just One Word: Plastic. By: Brooker, Katrina; Levinstein, Joan. Fortune, 2/23/2004, Vol. 149 Issue 4, p125, 6p, 6c, 8bw; Reading Level (Lexile): 980; (AN 12211444) LET'S PAY IT DOWN TODAY. By: Chatzky, Jean. Money, Mar2004, Vol. 33 Issue 3, p156, 1p, 2c; Reading Level (Lexile): 1000; (AN 12233752) Consumer debt loads at record By: Barbara Hagenbaugh. USA Today, 03/18/2004; (AN J0E223139840104) Managing Money on Your Own. Career World, Apr/May2004, Vol. 32 Issue 6, p11, 1p, 1 chart, 1bw; Reading Level (Lexile): 800; (AN 12699422) Avoiding those plastic perils. By: Lim, Paul J.. U.S. News & World Report, 4/19/2004, Vol. 136 Issue 13, p62, 1/2p, 1c; Reading Level (Lexile): 1230; (AN 12796212) You might want to search EBSCOhost for additional articles on specific aspects of this topic.   WEB SITES bChoosing and Using Credit Cards.b Consumer Law Page. Feb. 1993. 8 Apr. 2004 <http://consumerlawpage.com/brochure/16.shtml>. bConsumer Credit: an Overview.b LII: Legal Information Institute: Law about .... Legal Information Institute, Cornell Law School, 8 Apr. 2004 <http://www.law.cornell.edu/topics/consumer_credit.html>. bConsumer Handbook to Credit Protection Laws.b The Federal Reserve Board. 24 July 2001. 8 Apr. 2004 <http://www.federalreserve.gov/pubs/consumerhdbk/>. bCredit Card Fees Often Go Unnoticed Even As They Increase.b Federal Deposit Insurance Corporation. 4 June 2001. 8 Apr. 2004 <http://www.fdic.gov/consumers/consumer/news/cnspr01/diduknw.html>. bFor Consumers: Consumer Information.b Federal Trade Commission. 5 Feb. 2004. 8 Apr. 2004 <http://www.ftc.gov/ftc/consumer.htm>. bIndex of Planning Tools.b Bank of America. 2004. 8 Apr. 2004 <http://www.bankofamerica.com/financialtools/index.cfm?view=planning&calcid=hub>. Itbs Legal! : Your Source For Do-It-Yourself Legal Solutions. 2003. 8 Apr. 2004 <http://www.itslegal.com/index.asp>. bLoans and Credit Cards.b Bank of America. 2004. 8 Apr. 2004 <http://www.bankofamerica.com/financialtools/index.cfm?view=PRODUCT&tools=loans>. bLost or Stolen: Credit and ATM Cards.b Consumer Law Page. Aug. 1992. 8 Apr. 2004 <http://consumerlawpage.com/brochure/67.shtml>. bMoney and Credit - General Tips.b The Consumer Action Website, Federal Citizen Information Center. 8 Apr. 2004 <http://www.consumeraction.gov/caw_money_general_tips.shtml>. bA Road Map To Avoiding Credit Card Hazards.b The Truth About Credit. 8 Apr. 2004 <http://www.truthaboutcredit.org/roadmap.html>. bUsing Plastic: A Young Adult's Guide to Credit Cards.b Consumer Law Page. July 1992. 8 Apr. 2004 <http://consumerlawpage.com/brochure/100.shtml>. It is important to be familiar with the different types of credit cards and their features and costs. The following web sites allow consumers to search among hundreds of cards offered by small and large banks to find the best deal and avoid the credit card trap. http://www.cardweb.com http://bankrate.com It is recommended that everyone check their credit reports on a yearly basis, in order to correct errors and find out your credit score. The web sites for the three credit bureaus are listed below. Equifax 1-800-685-1111 http://www.equifax.com Experian 1-888-397-3742 http://www.experian.com TransUnion 1-800-888-4213 http://www.transunion.com Several credit card calculators are available online to help consumers make and evaluate credit decisions. The Real Cost of Debt http://www.cardratings.com/costofdebtcalc.html What will it Take to Pay off my Credit Card? http://www.cardratings.com/creditcarddebtcalc.html What is the Impact of Making Extra Payments on My Debt? http://www.cardratings.com/creditcardextrapaymentcalc.html What is the true cost of paying the minimum? http://www.cardratings.com/creditcardtrapcalc.html Loan calculator and amortization http://www.cardratings.com/creditcardtrapcalc.html How's your credit? http://www.bankrate.com/brm/fico/calc.asp Find the best credit card for you http://www.bankrate.com/crt/credit-card-advisers/br_cardbestcc.asp MEDIA RESOURCES bCareful with Creditb [KIT/DVD] 20 minutes / Credit cards make shopping easy and fun, but they can also get people into a lot of trouble. This video gives students the information they need to understand how credit works and gives them the tools to use it wisely. (KIT 332.7 CAR) bGive Yourself Some Creditb [videorecording] 32 minutes / Students will learn important life skills on establishing and maintaining good credit. This video teaches the ins and outs of credit management, including the use, abuse, and pitfalls all consumers need to be aware of. (VC 332.7 GIV) bYour Credit Ratingb [videorecording] 60 minutes / Understanding credit is an essential part of being an informed consumer. Credit ratings are often determined by complex math calculations, and this clear, informative video shows students how to interpret their credit reports. It covers the five methods for restoring good credit. (VC 332.7 YOU)