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CLE Curriculum: Dollars and Sense Simulations

Lesson 3: How Does a Credit Card Work?

From Dollars and Sense: Our Interest in Interest

 

Introduces the basics of how credit card interest charges work. Relatively high interest charges (e.g., 12 – 25% annual rates, with higher rates for first-time student users) are assessed monthly on unpaid balances AND credit card companies encourage minimum or partial payments. In this lesson students will experience how the costs of credit card borrowing can quickly
escalate, sometimes beyond their control!

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