Question: What percent of teens don’t know the difference between a debit card and a credit card?
Answer: 32%
Questions:
- What is one major difference between a debit card and a credit card?
- What is one potential consequence of not knowing the difference between these two cards?
- Which card do you use more frequently? Why?
Behind the numbers (ChooseFI):
Imagine not realizing that a debit card immediately deducts money from your account. Picture what happens if you swipe a credit card, not considering the interest that accrues if you don’t pay your bill on time. Credit cards and debit cards look nearly identical, but they work in profoundly different ways. That’s why it’s important to have conversations about both types of plastic with kids.
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Today's the last day to get your students' entry into the PAYBACK Challenge. Details here.
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Shady Sam is an Arcade Game where your students learns the ins/outs of credit...from the lender's perspective!
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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