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Contributed by Amanda Bach -
(Information Provided by
Your Credit Card Companies
(YCCC)
www.YourCreditCardCompanies.com)
With back to school season in full swing,
Your Credit Card Companies (YCCC), a
coalition made up of several credit card
organizations is providing details on how
parents can approach talking to their young
adults about wise credit. Continue reading to
find out
information on
these details and tips, along with other
financial management tools and resources from
YCCC.
It's Time to Have That Talk....About
Good Credit
Your Credit Card Companies Provides Tips
to Parents on talking with
Young Adults about Credit and Wise Money
Management
WASHINGTON, D.C. -
Young people have a lifetime of choices and
opportunities ahead of them. One area where they
and their parents should pay particular
attention is the value of good credit and the
important role it plays in their personal
finances.
Recent statistics compiled by the financial
literacy group, the Jump$tart Coalition, showed
that 87% of college students and 90% of high school students said that they
rely on their parents for guidance. Yet, only 26% of 13 to 21-year-olds have had
conversations with their parents about wise
money management.
This summer - before young adults start college,
move away from home or begin a new job - is an
opportune time for parents to have that very
important talk about credit and money
management.
Your Credit Card Companies
encourages families to discuss good
financial habits that will reap a lifetime of
rewards in the form of strong credit records,
better credit offers, lower interest rates, and
peace of mind when it comes to making important
financial decisions. Some key tips and facts
include:
Wise Credit Card Habits
§
Make
payments on time:
Establishing and maintaining a history of
making regular payments helps to improve
consumer credit scores and can lower credit
card interest rates.
§
Evaluate
credit offers:
Credit card companies regularly solicit
prospective and existing customers with
better terms and interest rates to ensure
that responsible users of credit have access
to the best financing opportunities.
§
Track
monthly spending:
Design a reasonable monthly budget and do
your best to stick to it. Track actual
expenses as they are incurred. Notice
whether you're spending more
than you budgeted, and reduce your spending
where you can.
Fraud & ID Theft Prevention
§
Check
credit and bank statements:
Ensure that there are no unauthorized
purchases or changes in your personal
information.
§
Review
credit reports regularly:
Credit reports usually cost about $9 each,
and in a variety of circumstances, such as
suspicion of fraud or denial of credit,
consumers are entitled to free reports. As
part of the Fair and Accurate Credit
Transactions Act of 2003, free credit
reports will be available once a year from
each of the three major credit bureaus.
The program offering free reports will be
rolled out across the country beginning
December 2004.
§ Use caution with
telephone or Internet purchases:
Don't give out your credit card
information over the phone or online
unless you initiate the transaction and
you're comfortable that the company you're
dealing with is reputable. If you have
any questions about a company, check it
out with a local consumer protection
office or the Better Business Bureau.
§
Record
credit card information:
Record account numbers, expiration dates
and customer service department telephone
numbers in a safe location. If you
realize your credit or charge cards have
been lost or stolen, immediately call the issuer(s). Many companies have toll-free
numbers and 24-hour service to deal with
such emergencies.
§
Save,
then shred receipts:
Compare receipts with billing statements
to evaluate whether the purchases listed
are yours. Shred receipts and statements
before throwing them away.
§
Keep
cards secure:
Don't lend credit cards to anyone or leave
cards or receipts lying around (including
your car's glove box!), and never write
account numbers on a postcard or the outside
of an envelope.
Complete information on these tips, along
with other financial management tools and
resources, is available at
www.YourCreditCardCompanies.com.
About
Your
Credit Card Companies:
YCCC
is a group of financial services companies
with a
shared commitment to value and quality
service for consumers. Through its Web
site and other consumer information
initiatives, Your Credit Card Companies
provides credit resources and a variety of
tools that help consumers better
understand how credit works, understand
and protect their total credit picture and
manage debt. Its membership includes
Capital One; Chase Manhattan Bank USA, N.A;
Citi; Discover Card; MasterCard; and MBNA.
Contributor -
Amanda Bach is co-founder
and co-creator of SingleMom.com. The co-creator
currently resides in
California and Washington, DC.
She was raised by a single mom and so she learned it first hand how
difficult it was to watch her mom struggled everyday life.
And that is the main reason she co-founded
SingleMom.com to create this wonderful
Website/organization. Her energy, natural creative ability
and superior business intuition make her contributions to this website
immeasurable. Her hobbies include volunteer, Internet, reading, ballet, traveling,
snowboarding, and especially wine & food.
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