G3-5 Financial Literacy Session 10

Borrowing for which of the following reasons are examples of a good debt?

• Education

• Business

• Gambling

• Shopping for fun

Borrowing for which of these reasons are examples of bad debt?

• Home Ownership

• Emergency Expenses

• Expensive Vacation

• Expensive Car

If you have trouble paying back a loan, you should

• Not tell anyone

• Ask for help

• Go underground

• Lie about it

What is bankruptcy?

• You can't pay back your debt and your belongings are to be given up

• A bank wants to give you a loan

• Your bank account is closed

• You have fully paid back your loan

Life will be less stressful if you borrow for

• Productive purposes

• Non-essential items