Before kicking off your credit card unit, see how many of these myths your students believe. Put these six statements on a handout and ask students to answer TRUE or FALSE (from Christian Science Monitor):
- Credit cards are dangerous and should be avoided.
- Credit cards are for purchasing things you can’t afford to buy otherwise.
- Credit card debt is not that urgent.
- Checking your credit score lowers your credit score.
- There is no penalty for maxing out your card.
- Opening many accounts will help your credit score.
This should lead to some good discussions and will quickly show you student perceptions. I think #1 will probably me the statement that generates the most discussion as students who have seen or heard of parents/relatives/friends have problems with their credit cards would rationally assume that they are dangerous. The big caveat to #1 is that they are not dangerous…IF used responsibly and only the individual can know whether or not they have the right mindset.