Managing Debt and Credit

Component: Borrowing Money & Using Credit | Grade Level: Grade 9-10

Learning Targets:

Targets for knowledge, skills, and behaviours below are possible targets. It is not expected that all will be covered by a single Teaching Unit. Teachers can select their learning targets using the Teaching Units provided (to the right), adaptations of these Teaching Units, or Units/Lesson Plans they develop on their own.


  • Factors affecting how much you can borrow
  • Factors affecting the cost of borrowing
  • Advantages and disadvantages of credit cards
  • Credit rating – what it is
  • Factors that will affect one’s credit rating
  • How a mortgage works and factors affecting the cost
  • Signs a person may be heading for debt trouble
  • What payday loans are, and the costs they entail


  • Set reasonable, affordable limits on debt
  • Make informed decisions regarding use of debt
  • Check and maintain a good credit rating
  • Estimate the mortgage a person can afford
  • Take appropriate action if debt trouble should arise
  • Apply for a loan and/or credit card
  • Keep the costs of credit as low as possible


  • Pick a credit card most suited to their needs
  • Avoid paying higher costs to borrow than is reasonable/warranted
  • Review contracts and legal documents carefully
  • Assume debts that are affordable
  • Maintain a good credit rating
  • Avoid debt problems
  • Accept responsibility for how much is borrowed since others may be willing to lend more than can reasonably be afforded

Teaching Unit:

Managing Debt and Credit

It is important for students to learn how to make good borrowing decisions – and to be aware of, and protect, their credit rating. This will help them in the future when they face big borrowing decisions – such as a mortgage.

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