Georgia SS6E13.d
The Standard
Understand the uses and costs of credit.
Georgia Standards of Excellence for Social Studies · Understand that a basic principle of effective personal money management is to live within one's income.
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain that credit lets a person buy now with borrowed money and repay it later. They identify reasons for borrowing and calculate how interest and fees raise the final cost.
What Mastery Looks Like
- A student can explain why someone might use credit for a planned purchase or emergency. They can compare total repayment with the cash price and explain how debt reduces future spending.
Common Misconceptions
- Students often treat credit as extra income or free money. They may confuse credit with debit, ignore fees, or assume a minimum payment clears the full balance.
How to Assess It
- Exit ticket: A $200 bicycle bought on credit requires $220 in repayments and a $5 fee. What is the cost of credit, and why might someone still choose it?
Lesson moves
Ways to Teach It
Set up a mock shop with price tags, play money, and interest cards, then have pairs compare cash and credit totals.
Ask students to write: When might using credit help, and when could it make a monthly budget harder to manage?
Play Credit Cost Match: students pair purchase prices with interest and fee cards, then race to calculate each final cost.
Give students a sample Australian credit card offer and ask them to circle the annual fee, interest rate, and repayment terms.
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