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Financial Literacy in Action
Tutorial: Using Credit Wisely

Access http://www.consumerlaw.org/initiatives/bankruptcy/

Read pages 1-2, “Ten Things to Think about Before Getting a New Credit Card . . . or Using the One You Have.” Explain your answers to the following questions:

  • What conclusions can you draw about using credit wisely from reading these pages?
  • What is meant by “Don’t apply for a credit card until you are ready?” Why is this considered good advice?
  • What is meant by “Interest rates are important in choosing a card, but not the only consideration?” What are some other important considerations?
  • Before using a credit card, why is important to “establish a realistic budget?"
  • Why is it advised that, “If you get into financial trouble, do not make it worse by using credit to make ends meet?”
  • Describe three important lessons you learned about using credit from reading these pages? Which is the most important lesson?
Credit - Tutorial: Using Credit Wisely
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