Standard 7 – Borrowing Money

Standard 7. The student will identify the procedures and analyze the responsibilities of borrowing money.

  1. Identify and analyze sources of credit (e.g., financial institutions, private lenders, and retail businesses) and credit products (e.g., student loans, credit cards, and car loans).
  2. Identify standard loan practices, predatory lending practices (e.g., rapid tax return, rapid access loans, and payday loans), and legal debt collection practices.
  3. Explain the importance of establishing a positive credit history (e.g., maintaining a reasonable debt to income ratio), describe information contained in a credit report, and explain the factors that affect a credit score (e.g., the relationship between interest rates and credit scores).
  4. Explain how the terms of a loan (e.g., interest rates, fees, and repayment schedules) affect the cost of credit.

Online Curriculum and Lesson Plans

Making $en$e: Financial Success for Oklahoma Students | view now

  • Module 7.1: Remember the Interest
  • Module 7.2 – It is in Your Interest
  • Module 7.3 – Your Credit Score
  • Module 7.4 – Consumer Credit Legislation

It Just Adds Up | view now

  • Lesson 27 – Major Purchases: Buying a Car

EconEdLink

Council for Economic Education Lessons

Financial Fitness for Life, Bringing Home the Gold, (9-12) Teacher Guide

  • Theme 4: Spending and Credit Are Serious Business
  • Lesson 11 – What Is Credit?
  • Lesson 12 – Making Credit Choices
  • Lesson 13 – Applying for Credit
  • Lesson 14 - All About Interest
  • Lesson 15 – Shopping for a Credit Card
  • Lesson 16 – Shopping for a Mortgage
  • Lesson 17 – Shopping for an Auto Loan

Financial Fitness for Life, Shaping Up Your Financial Future, (6-8), Teacher Guide

  • Theme 4: Spending and Using Credit
  • Lesson 12 – Cash or Credit?
  • Lesson 13 – Establishing Credit
  • Lesson 14 – Comparison Shopping

Middle School Economics

  • Lesson 15 – Savers and Borrowers

Online Resources

Order a copy of the DVD

Expanded Activities

  • Taking the Road to Good Credit – Downloadable Video | Money Talks
  • Show Me the Money: EconEdLink | view now
  • Borrowing Money - In Plain English - Video | view now