MSU Extension 4-H Smart Money Contests

Youth in today’s society are major contributors to the economy and are poised to be the nation’s next biggest spenders, however, having knowledge of how to best utilize credit is important for future financial success.

These resources can provide a helpful foundation for building a positive credit record and avoiding debt.

Articles, Infographics and Tools

• What is your Credit Score: A helpful infographic created by Michigan State University Federal Credit Union explains credit scores, how a credit score is determined, and what affects a credit score.
• Build a Strong Credit Report:  This resource from Smart About Money is a short read covering some good tips on using credit cards wisely and how to check your credit report.
• Credit Basics:  From Practical Money Skills, this website covers 10 important credit terms, the pros and cos of credit, and the true cost of credit purchases with interest and finance charges.
• Debunking the Myths: Seven Facts about Credit Cards: This article from Better Money Habits covers facts about credit card usage so you can make smart choices.
• Credit Card Calculator:  An online tool from Bankrate that allows consumers to explore payment schedules with options to change the credit card balance, interest rate and minimum payment amount. 

Games

• It Cost What Case Files: This game, through Thirteen Media with Impact, allows players to solve cases determining credit card scenarios to explore interest, annual fees, minimum payments and other important concepts with credit card usage.
• Shady Sam Loan Shark Game:  This interactive game, from Next Gen Personal Finance, is designed to demonstrate how loan terms can hurt you if you don’t pay attention.  Give it a try to learn some basics on borrowing money.

Videos

• DollarWise Summer Youth Campaign | Module 4 | Credit Card Basics:  This seven-minute video, created by The United States Conference of Mayors for youth, focuses on the types of credit cards available, the benefits of using credit cards, avoiding trouble with credit cards, and ideas on how to use credit cards wisely and build a positive credit record.
• Credit Card Debt Explained With a Glass of Water:  A short three-minute video that uses a glass of water to demonstrate the effects of minimum credit card payments.
• Debit & Credit: 2 Very Different Cards:  This eight-minute video explores the pros and cons of debit and credit cards.
• Entrepreneurship- Credit Score: In a two-minute video from the Council for Economic Education, a young entrepreneur learns how his credit score affects his ability to get a loan.
• Building Credit and Keeping Yours Healthy:  A short five-minute video, from Better Money Habits, that shares the five things you can do to build a healthy credit score while avoiding the pitfalls.

Want to learn even more? Explore one or more of these comprehensive resources:

• SAM’s Credit and Deb Basics Course:  A free educational course, provided by the National Endowment for Financial Education, that explores what credit is, compound interest working for the lender, credit scores, reviewing a credit report, improving credit, managing debt, bankruptcy, and making a credit and debt plan, plus much more!
• High School Financial Planning Program-Borrowing Module: A free educational course, provided by the National Endowment for Financial Education, that explores using credit, credit costs, credit rating, rights and responsibilities and identity fraud. Create a simple log-in profile to save your progress in the program and use the online Student Guidebook, lesson pack handouts, and lesson slides to learn the topics.