Session Objective
Understand how credit works and how to take control of debt with a low income.
Learning Outcomes
- learn what credit is and how it works
- understand the difference between good debt and bad debt
- the cost of debt, particularly bad debt and only making minimum payments
- how payday loan companies operate and the cost of borrowing from them
- understand how debt can pile up and how this can have negative consequences on future financial plans
- learn how to take control of debt, including assessing the amount of debt, debt repayment options, dealing with creditors, and collection agencies and rules
Session Outline
- how credit works
- benefits and risks
- cost of buying on credit
- payday loan companies
- how debt accumulates
- how to take control of your finances (dealing with debt)
- resources
- Q & A
Photo credit: Getty Images
Session Level
Basic
Topics Covered
Debt
Financial Planning
Managing Finances
Personal Finances
Credit
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Understand how credit works and how to take control of debt with a low income.
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