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):  

1. Credit cards are dangerous and should be avoided.
2. Credit cards are for purchasing things you can’t afford to buy otherwise.
3. Credit card debt is not that urgent.
4. Checking your credit score lowers your credit score.
5. There is no penalty for maxing out your card.
6. 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.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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