For Kids – Taking Control of Your Credit

29 Sep For Kids – Taking Control of Your Credit

Kids don’t have credit, do they? Studies have shown that 32% of high school seniors use a credit card and 3 out of 5 college freshmen max out their credit cards within the first year. College students receive an average of 8 credit cards offers within their first week of school. Universities lose more student to financial distress than academic failure. The Credit Cardholder’s Bill of Rights recently passed by Congress will limit the availability of credit card companies to market to kids. That law becomes effective in February 2010.

The CARE Program has produced a half-hour video to educate students about he dangers of credit cards. That video can be watched online. CARE is a free financial literacy program that puts experienced bankruptcy professionals in the classroom to teach the importance of financial education to students. The film covers the basics of credit and debt, budgeting and savings. While aimed at students, the production can provide benefit to adults as well.

“ConnecticutGene Melchionne is a bankruptcy lawyer covering the entire State of Connecticut. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.

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