Media needs to juxtapose this news with the latest from Oklahoma requiring teaching Bible in public schools
And Louisiana with the 11 commandments in school right?
Don't embarrass Oklahoma. They've really got nothing going on.
Fuck the south. Oklahoma is honorarily southern for this dumb shit.
Well, I've called for it on here. Now this'll put it to the test -- we'll see how Californian students perform before-and-after the introduction of the classes and relative to states that don't make it part of their core curriculum.
I hope this works.
Skimming their material, looks like it also deals with countering some sales tactics and the like, like companies aiming to exploit fear-of-missing-out to sell product.
We had to take that class on our senior year many, many, many moons ago. Back then they taught us that having a credit card was good though. LOL!
Having a credit card is still generally considered good.
Key word is "a", as in one.
Although you generally are solid in 2 to 4 range, the more important thing as it turns out is (aside from prompt payments) to make sure the credit limit is high. Those store cards with 300 limits are looked down upon.
A big ding to your credit score itself is actually a low amount of lines of credit, I think 10+ is considered "good" which is ridiculous
Apparently I was wrong, and learned something new today. Your score comes from:
35% - payment history (everything paid on time, etc)
30% - amount owed
15% - age of credit history
10% - how many new lines of credit
10% - credit mix (just credit cards vs credit cards, auto loans, etc)
Credit scores don't measure how responsible with your money you are. They measure how much you're willing to pay lenders.
In the US at least, this is false.
I have about 10 of them because cancelling is considered bad. I product change to another card when the annual fee hits to avoid it, and generally get a few cards a year to take advantage of bonuses.
They still keep giving me 5 figure credit limits on every one, for reasons I can't explain
I'm not aware of any harms from using a no-fee credit card that you pay off in full each month. You get 1% - 5% back, and it's easier to deal with fraudulent charges.
If you have a credit card with a $25,000 limit, that limit counts against your total even if you are not using it. For example, if it is determined that you can sustain mortgage debt of a maximum of $400,000 at current interest rates, you will not qualify for that amount because you also have an open credit card with an available balance of $25,000 at a significantly higher interest rate.
EDIT: You can only decrease what you owe on a loan but a credit card is an open line of credit that you can max out at any time. Because of this, the entire credit line counts against you when evaluating your debt.
Do you have a source for this? My understanding was only credit card balances mattered.
You can only decrease what you owe on a loan but a credit card is an open line of credit that you can max out at any time. Because of this, the entire credit line counts against you when evaluating your debt. If you have any questions, ask your local bank manager or financial advisor.
EDIT: By the way, most people also believe that only the outstanding balance is counted.
Then decrease your limit, LMAO. It's not that hard
You fully missed the point. If you read comments around credit cards you'll see that most people don't understand the impact of credit cards on their ability to borrow. Yes, if you do not need five cards or $25,000 credit limit (or both), then you should absolutely start closing cards and reducing limits. People don't understand that. They go buy a car and the loan rate is through the roof. They think that is how it is and never imagine that the rate might have been triggered by the three unused credit cards.
IMHO, you should always have one credit card with a limit just slightly higher than your monthly burn rate. You should use it instead of debit cards, and you should pay it off in full, automatically, every month well before it is due. Only one credit card. Again, just my opinion.
My teacher in 2019 tried to convey this to us in economics class too. But to this day I still refuse.
If you don't have self control, a credit card is a bad idea. If you do have self control, a credit card can make value for you just by spending on things you were already going to buy.
I remember a little while back reading something about how Financial Literacy was introduced as a way for the banks to avoid regulation, pushing the responsibility to individuals rather than face government pressure to change.
While there's some truth to this, there's also a ton of things companies are required to display prominently when lending money. Most people know about the interest rate, but there's a lot of other numbers just as important to understand.
For sure.
I remember my financial literary class. It was part of Home Ec. I think it was one class where we learned how to fill out checks.
Teacher: "Lesson 1: have more money."
It won't help. The real cause is that public school education is so severely underfunded in the US.
It's not funding, plenty of money gets spent on education. It doesn't matter to kids that don't have reinforcement that education matters. Financial literacy specifically isn't going to help, because it's too abstract to students that aren't working jobs, paying rent, and buying their own food.
Lol, teachers are paid comically low salaries.
Teachers aren't the only thing that costs money.
"Muh administration". Sure buddy, you and your liberal buddies at Fox News got it all figured out.
Seems fine.
I wonder if we can also teach people delayed gratification. People's inability to do that is I think a root of a lot of problems.
The marshmallow experiment is more a measure of how honest adults have been to that kid, than some inherent virtue. Sometimes when you delay gratification, you get robbed.
You're getting downvoted but my friend is a 5th grade school teacher in California and confirmed to me that for years now when her students get to 5th grade they can't read or even sound out basic words and she's required to keep passing them to middle school.
Teachers all over the US are saying kids can't read. Combined with the fact that teachers have to strictly follow their curriculums which are not designed for these kids, that means American kids will continue to not develop literacy skills. IMO it's a valid question to ask: what are we doing about that?
Media needs to juxtapose this news with the latest from Oklahoma requiring teaching Bible in public schools
And Louisiana with the 11 commandments in school right?
Don't embarrass Oklahoma. They've really got nothing going on.
Fuck the south. Oklahoma is honorarily southern for this dumb shit.
Well, I've called for it on here. Now this'll put it to the test -- we'll see how Californian students perform before-and-after the introduction of the classes and relative to states that don't make it part of their core curriculum.
I hope this works.
Skimming their material, looks like it also deals with countering some sales tactics and the like, like companies aiming to exploit fear-of-missing-out to sell product.
We had to take that class on our senior year many, many, many moons ago. Back then they taught us that having a credit card was good though. LOL!
Having a credit card is still generally considered good.
Key word is "a", as in one.
Although you generally are solid in 2 to 4 range, the more important thing as it turns out is (aside from prompt payments) to make sure the credit limit is high. Those store cards with 300 limits are looked down upon.
A big ding to your credit score itself is actually a low amount of lines of credit, I think 10+ is considered "good" which is ridiculousApparently I was wrong, and learned something new today. Your score comes from:
35% - payment history (everything paid on time, etc)
30% - amount owed
15% - age of credit history
10% - how many new lines of credit
10% - credit mix (just credit cards vs credit cards, auto loans, etc)
https://www.experian.com/blogs/ask-experian/credit-education/score-basics/what-affects-your-credit-scores/
Credit scores don't measure how responsible with your money you are. They measure how much you're willing to pay lenders.
In the US at least, this is false.
I have about 10 of them because cancelling is considered bad. I product change to another card when the annual fee hits to avoid it, and generally get a few cards a year to take advantage of bonuses.
They still keep giving me 5 figure credit limits on every one, for reasons I can't explain
I'm not aware of any harms from using a no-fee credit card that you pay off in full each month. You get 1% - 5% back, and it's easier to deal with fraudulent charges.
If you have a credit card with a $25,000 limit, that limit counts against your total even if you are not using it. For example, if it is determined that you can sustain mortgage debt of a maximum of $400,000 at current interest rates, you will not qualify for that amount because you also have an open credit card with an available balance of $25,000 at a significantly higher interest rate.
EDIT: You can only decrease what you owe on a loan but a credit card is an open line of credit that you can max out at any time. Because of this, the entire credit line counts against you when evaluating your debt.
Do you have a source for this? My understanding was only credit card balances mattered.
You can only decrease what you owe on a loan but a credit card is an open line of credit that you can max out at any time. Because of this, the entire credit line counts against you when evaluating your debt. If you have any questions, ask your local bank manager or financial advisor.
EDIT: By the way, most people also believe that only the outstanding balance is counted.
Then decrease your limit, LMAO. It's not that hard
You fully missed the point. If you read comments around credit cards you'll see that most people don't understand the impact of credit cards on their ability to borrow. Yes, if you do not need five cards or $25,000 credit limit (or both), then you should absolutely start closing cards and reducing limits. People don't understand that. They go buy a car and the loan rate is through the roof. They think that is how it is and never imagine that the rate might have been triggered by the three unused credit cards.
IMHO, you should always have one credit card with a limit just slightly higher than your monthly burn rate. You should use it instead of debit cards, and you should pay it off in full, automatically, every month well before it is due. Only one credit card. Again, just my opinion.
My teacher in 2019 tried to convey this to us in economics class too. But to this day I still refuse.
If you don't have self control, a credit card is a bad idea. If you do have self control, a credit card can make value for you just by spending on things you were already going to buy.
I remember a little while back reading something about how Financial Literacy was introduced as a way for the banks to avoid regulation, pushing the responsibility to individuals rather than face government pressure to change.
I'll have to look for the article...
EDIT: https://scholarship.law.upenn.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1198&context=faculty_scholarship
While there's some truth to this, there's also a ton of things companies are required to display prominently when lending money. Most people know about the interest rate, but there's a lot of other numbers just as important to understand.
For sure.
I remember my financial literary class. It was part of Home Ec. I think it was one class where we learned how to fill out checks.
Teacher: "Lesson 1: have more money."
It won't help. The real cause is that public school education is so severely underfunded in the US.
It's not funding, plenty of money gets spent on education. It doesn't matter to kids that don't have reinforcement that education matters. Financial literacy specifically isn't going to help, because it's too abstract to students that aren't working jobs, paying rent, and buying their own food.
Lol, teachers are paid comically low salaries.
Teachers aren't the only thing that costs money.
"Muh administration". Sure buddy, you and your liberal buddies at Fox News got it all figured out.
Seems fine.
I wonder if we can also teach people delayed gratification. People's inability to do that is I think a root of a lot of problems.
The marshmallow experiment is more a measure of how honest adults have been to that kid, than some inherent virtue. Sometimes when you delay gratification, you get robbed.
Just not literacy literacy classes.
They have to have 3 years of English
So yeah.
You're getting downvoted but my friend is a 5th grade school teacher in California and confirmed to me that for years now when her students get to 5th grade they can't read or even sound out basic words and she's required to keep passing them to middle school.
Teachers all over the US are saying kids can't read. Combined with the fact that teachers have to strictly follow their curriculums which are not designed for these kids, that means American kids will continue to not develop literacy skills. IMO it's a valid question to ask: what are we doing about that?