Use the questions below to help you think through your future transportation options and resulting budget. Then address the questions in paragraph format (use the bold topic headings as an indicator to start a new paragraph) in 1.5-2 pages typed, single spaced, 12 pt Arial or New Times Roman font. Americans & Debt (research the answers to these questions): 1. 2. What is the national debt? What are your thoughts about the national debt? For the average American household, how much credit card debt do they have? 3. How do people get trapped in cycles of credit card debt? 4. How do credit cards work? Are they necessary? What do they do to your credit score? 5. What are loan interest rates? Why do they matter? 6. How much debt does the average American college student graduate with? 7. What are your thoughts on these statistics? What do they say about Americans? Your Future Debt: 1. What kinds of debt will you have in the future? (Examples: car loan, college loan, mortgage, credit card) 2. Do you think that debt is necessary in your life? What kinds of debt are you okay with? 3. How will you avoid a cycle of credit card debt? 4. Do you think your future spouse will have debt? Your Future College Debt (only complete this section if you'll have college loans): 1. Take a few minutes to research types of college loans and FAFSA. What types of loans will you take out? 2. How much college debt will you graduate with? What is the interest rate on each of your loans? How long will it take you to pay back these loans (see college repayment estimator link below)? 3. How can aggressively paying back your loans reduce the total amount you pay back? 4. What are your thoughts and feelings about educational loans?