FIRST
STATE BANK TEACHES LOCAL YOUTH HOW TO
GET SMART ABOUT CREDIT
 Mark Linville, President of First State Bank taught students
at Randolph High School the do’s and don’ts of
credit to mark National Get Smart About Credit Day, a financial
literacy program sponsored by the American Bankers Association
Education Foundation. There were 25 students from Mrs. Millers
Economics class that participated in this event on October
21st.
The presentation was one of many being made by bankers across
the country as part of a nationwide effort to help young people
take charge of their personal finances.
“The choices young adults make with their first credit
card will impact their lives years later when they apply for
a car loan or even a mortgage,” said Mr. Linville. “We
are participating in the Get Smart About Credit program to
raise awareness about the responsible use of credit. And, to
show young adults how they can use credit wisely, right from
the start.”
Mr. Linville focused on using credit checklists and comparing
credit & debit cards. First State Bank has many tips for
students and young adults, such as:
- Educate yourself on how
credit works before you obtain a credit card.
- Choose a credit
card that fits your needs. Interest rates, credit limits,
grace periods, annual fees, and terms may
vary.
- Don’t spend more that you can afford. A credit
card is a loan, not magic money.
- Don’t pay your bills
late. Late payments hurt your credit rating.
- Know the signs
of credit trouble. If you continuously pay the minimum balance,
pay late or use cash-advances to pay
daily living expenses, you may be in the danger zone.
- Establish
a budget ad stick to it. This will help you keep your finances
in order.
- A credit application is a contract. Make sure
you read it – all
of it – before you sign it.
- Call your bank if you
have questions. Your bank is there to help you and can
make recommendations about managing your
money.
In the near future Mr. Linville plans on visiting the class
again and presenting the students with more information on
budgeting, credit reports, cost of credit and identity theft.
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