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Glossary
It's Your Paycheck Lesson 6

In this lesson you will learn and discuss the advantages and disadvantages of using credit. You will read a scenario about a young person's use of a credit card and answer questions regarding repayment. You will also learn about credit history, credit reports and credit-reporting agencies.

When you have finished this lesson you should be able to:

  • Define credit and creditor.
  • Define interest.
  • Compare the advantages and disadvantages related to using credit.
  • Identify the three credit-reporting agencies.
  • Explain the importance of maintaining a good credit history.
  • Identify features on a credit report.
  • Explain the rights and responsibilities related to using credit.