Resources aligned with the “Managing Credit” standard from the National Standards in K-12 Personal Finance Education.
Credit lets you buy now and pay later, usually with interest. Riskier borrowers are charged more. Lenders judge you by your credit history and score, so building good credit keeps borrowing affordable and within reach.
Part 1: What is a Debit Card, How Does a Debit Card Work Part 2: Pros and Cons of Debit Cards, Should You Use a Debit Card Introduction to Debit Card for Kids and Teens This video explains the concept of a debit card in a simple, concise way for kids and beginners. It could …
We’ve talked about debit cards earlier. But can kids have their own debit cards? Generally, you have to be at least 18 years old to have your own debit card. But there are special debit cards that are meant for kids, which have lower age restrictions – as low as 6 years old. And …
Comparison: Credit Cards vs Debit Cards for Kids and Teens This video does a credit card vs debit card comparison in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about the advantages and disadvantages of each, or used as a money & personal finance resource …
I’ve often heard people talk about credit report and credit score interchangeably. But, based on what you’ve told me, I think they are different, aren’t they? That’s right, they are related, but quite different. Your credit report contains information about your financial history and behavior, whereas your credit score summarizes these details into a …
As we’ve discussed earlier, both Conventional Mortgages and FHA Loans help us buy a home through a loan. We make a down payment, and repay the loan principal, interest, etc through monthly payments. But what are the differences between them? The main difference is in terms of credit score and minimum down payment requirements. …
We have talked about home equity loan and home equity Line of Credit or HELOC in the past. But can you please quickly summarize these for me? Both home equity loan and home equity Line of Credit let you borrow against your home equity. Both could give you access to a large amount of …
What is a Home Equity Loan? It is a loan where you borrow money using your home equity as collateral. It is also known as a second mortgage. How does a Home Equity Loan work? A home equity loan is like a regular loan, where you get all the loan money upfront. You repay …
What is Home Equity Line of Credit? A home equity line of credit or HELOC is a revolving line of credit, based on the equity you have built in your home. How does Home Equity Line of Credit work? It is very similar to a credit card borrowing limit – the lender fixes the …
What is Home Equity? Home equity is based on the fact that even if your home is in your name, you don’t really own 100% of it if you have borrowed money to buy it and are still repaying the mortgage. Home equity is the portion of your home that you truly own. Can …
We’ve talked about credit cards before, but recently I heard about a virtual credit card. What is that? A virtual credit card is a temporary or disposable card number associated with your existing credit card account, and does not come with a physical card. Virtual credit cards are also known as virtual account numbers, …