Code: 2.7.9 · Adults
Easy-access high-cost credit
Descriptors
Knowledge
What you can do at this level
- Kdigitaldaily-lifelarge-majority
Aware that marketing and simplified lending processes can increase the temptation to access credit without considering the consequences, especially when credit is offered online or via mobile devices
- Kdaily-life
Aware that some vendors offer credit to incentivise buyers to make a purchase or spend more than originally planned and/or to increase future custom
- Kdaily-lifelarge-majority
Aware that credit offers that are initially interest free may incur interest in the future
- Kdaily-lifelarge-majority
Aware that options to ‘buy now, pay later’ (including basic utilities in many instances) typically are a form of credit and may have a cost
Skill
What you can do at this level
- Sdigitalresilience
Takes steps to avoid over indebtedness that may result from using easy-access high-cost credit often sold online
- Sdaily-lifelarge-majority
Carefully considers the likelihood that interest free credit can be repaid in full before the end of the interest free period and the consequences of not doing so
Attitude
What you can do at this level
- Adaily-lifelarge-majority
Confident to decline unwanted credit that is offered with a purchase
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.
- A — How you approach things: values, dispositions and behaviours.