credit college: a credit card game presented by: f. neal smith western region 4-h specialist

Credit College:Credit College:A Credit Card Game

Presented by:

F. Neal Smith

Western Region 4-H Specialist

Credit CollegeCredit College

Credit card misuse is a common problem in today’s society.

One in seven teens between ages of 12-17 has his or her own credit card.

People prone to erratic spending tend to not use credit cards wisely.

Credit College prepares youth to make wise decisions when there is a need to use credit for purchases.

Sources include “Money Smart”, “An Asset Builders Guide to Youth and Money” and “On My Own” curriculums.

Credit CollegeCredit College

Introduces youth to different types of credit cards

Automatic Teller Machine (ATM)

Debit Card

Charge Card

Credit Card

How Credit Cards Work

Your signed credit card slip Charge Amount $40

Sally Spendthrift

You

Credit Card Issuer

MerchantYou pay credit card company

How Credit Cards Work

Other items discussed include:

Carrying a Balance

Interest Charges

Glossary or “Terms You Should Know”

Avoiding Credit Pitfalls

Playing the Game

Recommended that game be played with four Players and one CashierEach Player selects three “Situation” cards

CareerHousingTransportation

Students complete a “Player Worksheet” by deducting Housing and Transportation Expenses from their Net SalaryCashier pays Players their “net balance” from the worksheetEach Player receives a “Credit Card” with a $500 limit and begins the game with a $100 balance

Player Worksheet Example:

Playing the Game

Players begin at “Start” block and roll die to advance.

Each color block represents a card that Player must draw.

Player reads card aloud and follows instructions.

Cards include:

Surprises

Expenses

Oh No!

Credit Savvy

Credit Pitfalls

Surprises

Each Surprise card has a positive, unexpected, monetary situation that Player collects from Cashier.

Surprise cards include such things as:

“You found a watch and received $20 reward for returning it.”

“Your Uncle sent you $50 for your birthday.”

“You fixed your neighbor’s faucet and he paid you $30.”

Expenses

Aside from monthly car and house payments, Players also experience other monthly Expenses.

Expense cards include such things as:

“Your car is getting low on gas. Pay Cashier $25.”

“Your school loan is due. Pay Cashier $80.”

“Pay $25 to get your clothes out of the cleaners.”

“Need groceries! Pay Cashier $50.”

Oh No!

Players will also experience those little “unexpected” things with the Oh No! cards.

Oh No! cards include such things as:

“Go to the dentist for a new filling, and pay $50.”

“Its your best friend’s birthday and you spend $50 on a gift.”

“Your truck needs new tires. Pay $250 to Cashier.”

Credit Savvy

Credit Savvy cards reward Players for using credit wisely.

Examples of Credit Savvy cards include:

“You deducted the amount of your credit card purchase from your checking account. Collect $50.”

“You paid your credit card balance in full and saved $25 in service charges.”

“You shopped around for a lower interest rate, going from 21.5% to 9.9%. Collect $100.”

Credit Pitfalls

Credit Pitfalls allow youth the opportunity to experience the negatives of using credit unwisely.

Examples of Credit Pitfalls include:

“Your borrowed from one credit card to pay off another. Pay the Cashier $200.”

“You did not pay your credit card bill on time. Pay $35 late charge.”

“You selected a credit card with an annual fee. Pay $75 to Cashier.”

Special Blocks

Cost of Living Scale – Each time a Player lands on or passes this block, they must pay the amount listed based on the money they have on hand.

Make Credit Card Payment – If the Player has a balance, they can chose to pay it in full or make the minimum payment.

Credit College

When a Player is unable to pay their bills, they must go directly to Credit College

Each Credit College card has a question about the use of credit that the Player must answer

If the Player answers the question correctly, a monetary award is given to Player to help pay his bills

The Player must remain in Credit College until he has enough money to get out of debt

Winning the Game

Each passing of “Start” symbolizes a month

The Player receives a “paycheck” (net pay) each time they pass “Start”

Once each player has passed “Start” four times or three complete cycles of the board, the game is completed

Each player must then pay all debts possible to the Cashier

The winner is the Player with the most cash, and least amount of debt

Credit CollegeCredit College

For more information on this or other 4-H Educational Materials, please contact:

F. Neal Smith

Western Region 4-H Specialist

605 Airways Blvd

Jackson, TN 38301

(731) 425-4715

Email: fsmith3@utk.edu