Responsible & Irresponsible Borrowing

T.i.P.S.

Students should be able to identify examples of borrowing, receiving money or goods that will be returned or paid for in the future. While borrowing, students should be able to distinguish between responsible and irresponsible borrowers and borrowing. Responsible borrowing or borrowers may include borrowing only the amount of money someone needs and will be able to repay in a given time period or taking care of borrowed items until they are returned to the owner. Irresponsible borrowing or borrowers may include borrowing more than you can pay back in a given time period or not taking care of the borrowed items until they are returned to the owner.

Example

Read each of the following problem situations. a)  Joe wants to borrow a board game from his friend. The last time he borrowed a game he couldn’t find it for four months. When he did return it, some of the pieces and a few of the cards were missing. Is this an example of responsible or irresponsible borrowing? Explain your thinking.
b)  Dillon borrowed a remote control car from his friend to play with over the week-end. He returned it on Sunday evening. He also gave his friend a new set of fresh batteries for the car and thanked him for letting him borrow it. Is this an example of responsible or irresponsible borrowing? Explain your thinking.
 Hint

Possible Solutions 

TEKS

2.11 Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to:   (D) identify examples of borrowing and distinguish between responsible and irresponsible borrowing

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