If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
My question is will Mozilo, Bernanke, Paulson, et al. be in attendance picking up some much needed tips about credit use and quality? Couldn’t hurt, right?
October 18th is the American Banker’s Association Education Foundation’s “National Get Smart About Credit Day” designed to promote wise credit use. And in light of our current mortgage morass and sea of consumer debt I hope this day gets more run than say “Talk Like a Pirate Day” because our kids need not make the same mistakes of the current generation - hellbent on collecting as much crap as possible before they die - and wiping out any chance at a solvent future for them and their families.
No one talks enough about credit, and I’m glad to see that someone is working on some basic credit awareness. Credit comes out of no where - a $5,000 Providian credit line when you are 18 - and promises freedom to acquire the things you want with out any requirement that you understand what you are getting in to. Homeowners who sign stuff they aren’t reading is one thing; teenagers I think get a bit of leeway here.
I’ve written extensively on how to improve your credit in a five part series I created, which is available under the Articles section of this site.
Here are the ABA’s recommendations to avoid the 5 most common credit mistakes. Click to learn more. Pass these on to your kids - seriously - and help out the next generation avoid the mistakes of their parents.
- Paying late or missing payments
- Borrowing more than you can afford to repay
- Ignoring the warning signs of credit trouble
- Spending without a saving net
- Being careless with personal information
Sounds about right to me. What do you think? Spread the good word.
most definately needed among the college kids!