Senior Project: The Topic Map Sample (How is Credit Card Interest Impacting American Society?)

Document Sample
Senior Project: The Topic Map Sample (How is Credit Card Interest Impacting American Society?) Powered By Docstoc
					Name ____________________________                    DQ:   How is credit card interest impacting the American society?
Teacher:___________________________

                                                            Senior Project Topic Map


                                                                                           Investopedia says, "[...]the
                                                                                            fee paid for the privilege
                                                                                           of borrowing money. This
                                                                                             fee is the price a person
                                                                                              pays for the ability to
                         Credit card interest rate                                           spend money today that
                                                                                           would otherwise take time
                                                                                                  to accumulate."




                                                                                              Americans who use
                           American society                                                 credit cards (78.3 % of
                                                                                           Americans according to
                                                                                           a study from the Federal
                                                                                               Reserve Bank of
                                                                                                    Boston)




                                              Define Your Key Term(s)
                                                      Above
                           Name ____________________________                        DQ:   How is credit card interest impacting the American society?
                           Teacher:___________________________




                              Credit Cards
                                    Important Event 1 (Beginnings)
                                    In the article "A brief history of: Credit Cards" by M.J. Stephey it states, "In 1950, Diners Club
History of your key term




                                    issued its first card--made of cardboard--for use in 27 restaurants in New York City."

                                            "




                                                Important Event 2: Stephey writes, "American Express, which had specialized in traveler's checks,
                                                created its card in 1958 [...]"




                                                        Important Event 3
                                                        Stephey continues, "[...]the same year, Bank of America mailed its first 60,000 BankAmericards
                                                        (now Visas) to residents of Fresno, Calif."



                                                                  Current State
                                                                  78.3% of Americans have a credit card and creditcards.com reports that the average credit card debt
                                                                  per household with credit card debt is $15,799. The same website also reports that as of July 2011,
                                                                  the average APR on new credit card offers is 14.89 percent. In February 2010, the Federal Reserve
                                                                  board created new consumer protections.
Name ____________________________            DQ:   How is credit card interest impacting the American society?
Teacher:___________________________




                                      Credit Cards
                                                               Reason 3:
      Reason 1: Racial                                                                                       Reason 4:
        disparities                                       Financial illiteracy
   "In 2004, of those with credit      Reason 2: Credit    Creditcards.com                                 Personal debt
   cards, 84 percent of African-
   American households carried
                                      scores determine a states, "36 percent                              - Paycheck-to-
  credit card debt compared with      person's ability to of respondents said                                paycheck
        54 percent of white
       households. (Source:            buy a house, car,   they didn't know
    Demos.org, "Borrowing To
                                       get a cell phone, the interest rate on                              - No savings
   Make Ends Meet," November
               2007)"                         etc.         the card they use                              - No safety net
                                                              most often."




               Above, give reasons why your key term is important.
Name ____________________________                    DQ:   How is credit card interest impacting the American society?
Teacher:___________________________




   Struggling to make                   Living beyond one's                   Lower credit score =
                                                                                                                      Consumer Debt
   minimum payments                            means                           higher interest rate
    Elizabeth Warren, consumer
                                        Chuck Bentley, CEO of Crown
    advocate, attorney, political                                                 Liz Pulliam Weston                          Suze Orman
                                            Financial Ministries
             candidate


                                        Cut up credit cards and pay with       Follow advice of experts to     Lower interest rates, make credit cards harder to
 Safety standards for credit products                                                                           obtain, increase minimum payment, consumer
                                                      cash                        improve credit score                     education in high schools




       What are the problems and solutions related to your key term?

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:24
posted:10/13/2011
language:English
pages:4