Teaching Fin Lit in Arkansas: Credit, Lending, & Debt
Many people use credit on a daily basis. Some use credit for daily purchases like gas and groceries while others use credit to buy houses, boats, cars and other big-ticket items that they may not have enough money to pay for all at once. This curriculum guides learners through best practices for maintaining healthy credit and avoiding credit-damaging debt.
In partnership with the Arkansas Center for Research in Economics, Dr. Mike Casey, Professor of Finance at the University of Central Arkansas, developed a set curriculum units for teaching personal finance topics to Arkansas students based on the state’s personal finance educational standards. The full curriculum includes lesson plans and activities for four days of class, as well as discussion guides, writing prompts, and assessment materials.
Credit, Lending, & Debt—Guiding Questions:
What is credit and how do I use it?
What types of credit are available to me?
What are the differences between the available options?
How do I afford large-ticket items?
What makes a credit score “good” or “bad?”
What do I do if I get into debt?
What protections are available to me as a consumer?
Connections to Arkansas Learning Standards:
Personal finance standards appear in multiple courses and content areas in Arkansas, including personal finance, quantitative literacy, economics, family & consumer science, and in several business electives. The Credit, Lending, & Debt curriculum is designed to be a useful addition to any of these courses and includes strategies for team teaching & connecting topics across content areas. Specific learning standards met through activities include (All standards are specific to Arkansas):
PFM.9.E.1: Evaluate costs and benefits (e.g., interest rates, fees, penalties, rewards) of using various types of credit: student loans, credit cards, personal loans (e.g., auto, home mortgage)
PFM.9.E.3: Evaluate strategies to avoid and correct credit issues: identity protection, bankruptcy, debt and credit management
PF.4.C.1: Identify types of fraud and credit abuse and develop strategies to protect oneself from
identity fraud and theft
