BONO MACK HELPS LOCAL HIGH SCHOOL STUDENTS UNDERSTAND THE 'DOS' AND 'DON'TS ' OF CREDIT
Palm Springs, CA,
Oct 27, 2008 -
Today Congresswoman Mary Bono Mack (CA-45) helped students at Palm Springs High School understand the dos and don'ts of credit. Joined by Pamela Erwin of Wells Fargo, Bono Mack covered such topics as using credit cards wisely, avoiding identity theft, and budgeting, as a part of the ABA Education Foundation's Get Smart About Credit program.
"A credit card can be convenient and beneficial, but it is also a big responsibility," said Bono Mack. "Too often, young people go off to college without truly understanding the risks involved in using credit cards. With less than half of many high school students understanding basic credit principles, this was a valuable opportunity to give our kids some tools and information that will help them avoid debt and be better prepared to make wise financial decisions in the future."
According to reports by the Allstate Foundation and Capital One, kids as young as 13 years old report owning credit cards, and only 14 percent of teens have taken a personal finance class.
"It's the perfect storm when young people start using credit cards with little to no clue about how to manage their credit responsibly. The need for financial education is paramount," explained Erwin. "I encourage all bankers to join me and the Get Smart About Credit program in educating America's youth."
This event at Palm Springs High School incorporated interactive discussions and real-life scenarios to help local students understand important topics such as credit worthiness, the cost of credit cards, how to read a credit report and identity theft.
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