Posted Wednesday, February 24, 2010
Featured on Episode 21 of the 2009-2010 season
The government rolls out new rules for credit cards to protect consumers, both young and old. I'm sure you've seen a grown-up pull out a credit card to pay for dinner at a restaurant or shoes at the mall. But do you know how they really work? When you use a credit card to pay for a purchase, perhaps for $10, you have to pay that $10 back to the card company when you get the bill. What happens if you don't pay the full amount? You get charged interest - an extra percentage of what you owe. If you don't pay your full bill, over time you can end up paying hundreds of dollars instead of ten. New rules that set limits on how credit card companies can raise rates and fees went into effect on Monday. The changes will affect young adults - who often get into trouble with credit cards - in many ways.
More from creditcards.com
More from the Federal Reserve
More from the New York Times
PBS-In the Mix-Credit Cards 101
Math, Language Arts, Arts, Social Studies. Lesson plans and classroom activities for grades 5 to 8. Learning about credit cards.
Grades: 3rd Grade, 4th Grade, 5th Grade, 6th Grade, 7th Grade, 8th Grade
Subjects: Social Studies
Standards Addressed: Standards included.
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