Let’s Give Kids A Little Credit (Education)!
Don’t you wish that when you were in school you learned something about credit and how to use it responsibly? Whether it be how to compare different financing options, how to ensure you are creditworthy or simply what to look out for when credit card offers start to fill your mailbox. Wouldn’t that have been helpful information to know on the front end instead of having to learn your lesson through damage control after the fact? We think so too, and so do community banks all across the nation. So we decided to do something about it by participating in the American Bankers Association “Get Smart About Credit” program.
Over the past four years FirstCapital Bank has been in the classrooms teaching the Get Smart About Credit (GSAC) curriculum which is made up of several lessons including: Credit: What is it and are you worthy?, Comparing Cards, The Cost of Credit, Credit Reports: Your Financial Resume, Budgeting and Protecting Yourself from Identity Theft. If nothing else, we hope students will walk away with a better understanding of how important it is to establish, maintain and protect your credit and we hope that they will think a little harder before making a credit decision.
The Get Smart About Credit program also encourages students to discuss what they’re learning with their parents or an adult at home. Opening this line of communication could enhance the adults understanding of credit and it will help to ensure that both the student and the adult are on the same page to help lessen surprises that could take years to clean up.
How can you help? If you know of a school or classroom that could benefit from this type of lesson, reach out to your local bank and see if you can establish a partnership with them through this program (or similar program). You can also refer back to my Partners in Education blog for more ideas on how you can help a child be successful.
“An investment in knowledge pays the best interest.” –Benjamin Franklin