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Financial Literacy Activities

This activity was previously available on the CFPB website and is now in its new home with FHI 360. Please bookmark the new page and sign up for updates.

Defining debt consolidation

Students work collaboratively to match questions with their answers to better understand key concepts and important rules to live by related to debt consolidation and borrowing.

Topic

Borrow (Getting loans, Managing credit)

Subject

CTE (Career and technical education), Math, Social studies or history

Grade Level

High school (9-10), High school (11-12)

Duration

15-20 minutes

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Updated

Big idea

Debt consolidation is one way to address debt you have incurred, but it doesn’t erase your debts.

Essential questions

  • What does it mean to consolidate debt?
  • Can debt consolidation lead to positive or negative money management habits?

Objectives

  • Explain debt consolidation
  • Understand the benefits and risks of getting a debt consolidation loan

What students will do

  • Work cooperatively to match questions and answers about debt consolidation.
  • Review the questions and answers with classmates.

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Teacher guide

cfpb_building_block_activities_defining-debt-consolidation_guide.pdf

Note: Please remember to consider your students’ accommodations and special needs to ensure that all students are able to participate in a meaningful way.

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