Final Project
Final Project: Debt Freedom & Credit Rebuilding Plan
Create a practical plan for getting out of debt and rebuilding your credit. You choose whether to use your own situation (kept private as you wish) or the composite example of Denise provided in this workbook. Never include real account numbers, Social Security numbers, or copies of real reports. Paper submissions are fully acceptable.
Requirements
- Your Debt Freedom Why: one or two sentences, with a Scripture
- A complete debt inventory (creditor, type, balance, minimum, rate, due date, status), with totals and any “Verify” items marked
- Court obligations and child support listed separately with the official office or legal aid resource you would contact
- Your chosen payoff method with a reason, and a month-by-month payoff schedule until every consumer debt is paid (for the composite, use $310 per month and leave out interest)
- A completed dispute letter for one inaccurate or fraudulent item, using the template
- A 12-month credit rebuilding plan with at least four steps and target months
- A trigger plan and your list of emergency alternatives to predatory loans
- A one-page reflection on how your view of debt, credit, and grace has changed
Timeline
- Module 2: begin your inventory
- Module 4: draft your dispute letter
- Module 6: build your payoff schedule
- Module 7: complete your rebuilding plan and ask for feedback
- Module 8: submit and present one piece
Grading Rubrics
Grading Rubrics
Every rubric uses the same four levels. Your instructor will mark the level that best matches your work for each row and add a short comment.
Module Assignment Rubric
| Criterion | Excellent (4) | Proficient (3) | Developing (2) | Beginning (1) |
|---|---|---|---|---|
| Completeness | Every required part is done | Most required parts are done | About half the parts are done | Little of the assignment is done |
| Accuracy & Skill | Skills applied correctly with no significant errors | Minor errors that do not affect the result | Several errors that affect the result | Major errors throughout |
| Professional Quality | Neat, clear, and ready for an employer to see | Clear with small issues | Hard to follow in places | Unclear or disorganized |
| Effort & Growth | Went beyond the minimum or clearly improved | Solid, consistent effort | Minimal effort | Little evidence of effort |
Total possible: 16 points.
Reflection Journal Rubric
Journals are graded on effort and reflection, never on spelling, grammar, or the details of a personal story.
| Criterion | Excellent (4) | Proficient (3) | Developing (2) | Beginning (1) |
|---|---|---|---|---|
| Completion | Responds fully to every part of the prompt | Responds to most of the prompt | Responds to part of the prompt | Entry missing or one line |
| Connection to Lesson | Clearly applies the week's skill or idea | Mentions the lesson | Vague link to the lesson | No link to the lesson |
| Faith Reflection | Thoughtfully engages the Scripture or faith theme | Engages the faith theme | Brief mention of faith theme | Does not address the faith theme |
| Personal Application | Names a specific next step or change | Names a general next step | Next step is unclear | No next step |
Total possible: 16 points.
Participation Rubric
Scored at the end of each module. Average the eight scores for the Attendance & Participation grade.
| Criterion | Excellent (4) | Proficient (3) | Developing (2) | Beginning (1) |
|---|---|---|---|---|
| Attendance & Punctuality | Present and on time for the full session | Present; late or left early once | Missed part of the session more than once | Absent without make-up work |
| Preparation | Completed assignment and brought workbook every time | Usually prepared | Sometimes prepared | Rarely prepared |
| Engagement | Contributes thoughtfully and draws others in | Contributes regularly | Contributes when asked | Seldom contributes, even when invited |
| Respect & Covenant | Models the classroom covenant for others | Follows the covenant consistently | Needs occasional reminders | Needs frequent reminders |
Total possible: 16 points.
Final Project Rubric: Debt Freedom & Credit Rebuilding Plan
| Criterion | Excellent (4) | Proficient (3) | Developing (2) | Beginning (1) |
|---|---|---|---|---|
| Completeness | All eight items included | Six or seven items | Four or five items | Three or fewer items |
| Accuracy of Numbers | Totals and payoff schedule correct with clear rollovers | One or two small math errors | Several errors that affect the schedule | Schedule missing or unworkable |
| Dispute & Recovery | Dispute letter complete and specific; uses official sources | Letter mostly complete | Letter vague or missing key parts | Missing |
| Wisdom & Priorities | Legal obligations prioritized; predatory traps avoided; safe rebuilding steps with dates | Mostly sound with minor gaps | Some unsafe or unclear steps | Unsafe or missing |
| Faith & Reflection | Thoughtful reflection connecting Scripture, grace, and practical change | Clear reflection | Brief reflection | Missing |
Total possible: 20 points.
Quick Guide
Credit & Debt Freedom Quick Guide
Keep this guide with your important papers after release.
Official Free Help
| Item | Details |
|---|---|
| AnnualCreditReport.com | Free credit reports from Equifax, Experian, and TransUnion |
| IdentityTheft.gov | FTC identity theft report and recovery plan |
| consumerfinance.gov | CFPB information and complaints about collectors and lenders |
| Legal aid | Free legal help for court debt, lawsuits, and child support questions |
| Nonprofit credit counseling | Look for an accredited nonprofit agency |
| Court clerk / probation / child support agency | Official balances, payment plans, and modifications |
Debt Inventory Columns
- ☐ Creditor
- ☐ Type (secured, unsecured, collection, court-ordered, child support)
- ☐ Balance
- ☐ Minimum payment
- ☐ Interest rate
- ☐ Due date
- ☐ Status (current, late, collection, payment plan, Verify)
Dispute Letter Checklist
- ☐ Your name, current address, and date of birth
- ☐ The date
- ☐ Each item you dispute and why it is wrong
- ☐ A request to correct or remove it
- ☐ Copies (never originals) of supporting documents
- ☐ A request for written results
- ☐ Send certified mail if you can; keep copies and a log
Identity Theft Steps
- ☐ Report at IdentityTheft.gov and get a recovery plan
- ☐ Place a free fraud alert or credit freeze
- ☐ Dispute fraudulent accounts with each bureau and company
- ☐ Keep a folder and call log
- ☐ Check your reports again
When a Collector Calls
Stay calm. Say: “Please send me written information about this debt.” Do not give card or bank numbers by phone. Log the date, name, company, and what was said. Get any agreement in writing before paying. Never ignore a court summons; call legal aid.
Payoff Methods
| Item | Details |
|---|---|
| Smallest-balance-first | Pay all minimums; extra to the smallest balance; roll each paid payment forward |
| Highest-rate-first | Pay all minimums; extra to the highest rate; roll each paid payment forward |
| One month of interest | Balance × annual rate ÷ 12 |
| Utilization | Card balance ÷ credit limit |
Pay in This Order
- ☐ Basic needs: housing, food, utilities, transportation
- ☐ Court obligations and child support
- ☐ Minimums on all other debts
- ☐ Extra to your target debt
- ☐ Wants
My Plan
My Debt Freedom Why: ______________________________
My payoff method: ______________ My monthly debt payment: $______
My target debt-free month: ______________
My three emergency alternatives: ______________________________
Being confident of this very thing, that he which hath begun a good work in you will perform it until the day of Jesus Christ.— Philippians 1:6 (KJV)
Final Exam
- 1.
Proverbs 22:7 says:
- 2.
Romans 13:8 says we should owe no one anything except:
- 3.
Which is secured debt?
- 4.
An unfamiliar account on your inventory should be:
- 5.
The official site for free credit reports from the three nationwide bureaus is:
- 6.
Common credit score models range roughly from:
- 7.
A $60 balance on a $300 limit is what utilization?
- 8.
The Fair Credit Reporting Act gives you the right to:
- 9.
To report identity theft and get a recovery plan, go to:
- 10.
The Fair Debt Collection Practices Act:
- 11.
If you cannot afford a court-ordered payment, you should:
- 12.
In the highest-rate-first method, extra money goes to:
- 13.
Debts of $200, $600, and $1,000 with $150 per month and minimums of $20, $30, and $50 (no interest) are all paid off in:
- 14.
Rent-to-own at $30 per week for 52 weeks on a $600 sofa costs how much extra?
- 15.
Disputing an error with a credit bureau is free.
- 16.
A credit repair company can legally remove accurate, timely negative information.
- 17.
You should get a settlement agreement in writing before paying.
- 18.
Court obligations and child support can be skipped while you pay off credit cards.
- 19.
Explain the difference between smallest-balance-first and highest-rate-first, and how the rollover works.
- 20.
How do grace and responsibility work together when facing debt?