How do you feel about borrowing money? There are 3 cards around the room. Stand next to the one that you would be the most likely to borrow money from.

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Presentation transcript:

How do you feel about borrowing money? There are 3 cards around the room. Stand next to the one that you would be the most likely to borrow money from. Be ready to explain your reasons. What would you borrow money for?

Loans and Debt Learning Objective: What are the positives and negatives of getting a loan?

Should Simon get a loan? Simon isn’t feeling so keen on his yellow Fiat and is considering getting a loan to get a new one. During this lesson you will be exploring loans and debt so you can advise Simon at the end of the lesson whether or not you think he should get a loan for a car. Each group is going to become an expert on a particular type of loan. Then, you are going to go around the room visiting the different stations so that you can make an informed decision.

Decision Time!!! What do you think Simon should do? Each group is going to explain to the class whether or not they think Simon should get a loan for a car and why. If you do not think he should get a loan you need to explain his alternatives. Remember to include examples from the lesson to support your reasons.

5 Top Tips What are your 5 top tips for borrowing money this lesson?

Have your ideas changed? Have your thoughts changed on borrow money from the beginning of the lesson? Why/Why not?

What happens if you can’t pay back your loan? Video 1 Faisal: I had a well paid job, and I bought this new car for myself bit of a reward really. But then, out of the blue, I lost my job… I fell behind with the repayments. I have a new job now, but it's not so well paid. I still owe £7000 on this car. Act now, don't put your head in the sand Talk to the people to whom you owe money List your debts Prioritise your debts Prioritise your spending Talk to an expert Cut down on your spending Work out a budget