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Dear Parent:

We have been learning about credit. We have learned that people sometimes buy goods and services using credit cards. Sometimes they borrow money with a loan to buy goods and services. We have discussed service credit - receiving services in your home for which you pay at a later time. Also, we have talked about the advantages and disadvantages of using credit. As part of this lesson about credit, the students are asked to have an adult neighbor, parent, or relative help them answer the questions below.

  1. When you receive an electric bill, are you paying for electricity that you have already used or electricity that you will use in the future?

  2. Do you pay for garbage collection? If so, do you pay for a service already provided, or do you pay for the service in advance?

  3. Give some examples of other services used in the home that are paid for after the service is provided.

  4. What happens if you don't pay for the electricity, water, or newspaper delivery service after you have received it?

  5. What types of goods and services do you buy with a credit card?

  6. Have you bought a good or service by taking out a loan? If so, what good or service?