Make a list of things you want, but can’t afford right now. Keep track of this list in a technology tool of your choice. Some things to consider might include cars, electronic equipment, college tuition, vacations, and a house. Make your list as detailed as possible. Using the Internet, look up the prices for the items you put on your list. This list is something to be careful of. Will you go into debt to get the things you want? Credit card companies and banks hope that you will.

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They make money by charging interest on loans. Research interest rates on loans. What is the typical interest paid on a retail card account (Best Buy, Kohls, Sears, Target, Macy’s)? What is the interest paid on a car loan, student loan, and mortgage? Using the Internet research for a loan payment calculator. Enter the prices of the items from your list into the loan payment calculator. Enter a term (6 years to 30 years), and interest rate (4% to 30%). What is the monthly payment and log your results. Multiply the monthly payment by the term to understand the total cost of the purchase. For example if you buy a $1000 T.V. and pay 21% interest over six years, how much will the T.V. cost after six years. Is the T.V. worth that much after six years? Create a public service announcement informing people about credit. Read a credit card contract agreement from start to finish and create a presentation highlighting some of the facts you discover. Create a timeline of your progress through this problem.