STAMFORD, CT - In its effort to teach the local community how to effectively use credit, First County Bank has teamed up with Domus’ Trafigura Work & Learn Business Center to foster a financial literacy curriculum for Stamford youth. The curriculum is based on the American Bankers Association Education Foundation’s Get Smart About Credit program.
The ABA program, now in its ninth year, was established to join bankers and young adults to come together in classrooms across the country for lessons on how to use credit responsibly. First County Bank’s volunteer bankers will use the program to help young people develop responsible credit habits. This one-day event, to be held at 83 Lockwood Ave. in Stamford, is scheduled for Wednesday, Nov. 30, at 3 p.m.
“The Get Smart About Credit initiative is a great opportunity for First County Bank to leverage a national program to help students understand and use credit responsibly,” said First County Bank CEO Rey Giallongo.
The Nov. 30 session will concentrate on borrowing basics. By the end of this course, participants will understand how credit works, types of credit available and if they are ready to apply for credit. To achieve this objective, participants will be able to:
Define “credit” and “loan”
Distinguish between secured and unsecured loans
Identify three types of loans
Identify the costs associated with getting a loan
Identify the factors lenders use to make loan decisions
Explain why installment loans cost less than rent-to-own services
Explain why it is important to be wary of rent-to-own, payday loan and refund anticipation services
Describe how to guard against predatory lending practices.
This year more than 3,300 bankers will reach more than 122,000 students with Get Smart About Credit lessons. Since the program started in 2003, some 15,000 volunteer bankers have taught critical credit skills to nearly 600,000 young people.
Domus, a nonprofit organization, already helps more than 800 children and their families experience academic and life success through educational, residential and community programs. Domus runs a number of programs supporting some of the poorest young people in the area. Additional information about the Trafigura Work & Learn Business Center can be found at http://www.domuskids.org/Trafigura.html.
The ABA Education Foundation provides financial education programs and resources that help bankers make their communities better. More than 123,000 bankers have taught basic finance skills to some 5.2 million young people through participation in the foundation's signature programs, Teach Children to Save and Get Smart About Credit. Founded by bankers in 1925, the foundation is guided by a board of bankers and is an affiliate of the American Bankers Association.
First County Bank, headquartered in Stamford, Conn., is an independent mutual community bank with 15 branches in Stamford, Greenwich, Darien, New Canaan, Norwalk and Westport offering deposit products, mortgages, trust and investment services, business banking services and online banking. First County Bank, which celebrates its 160th anniversary this year, has more than 220 employees and assets in excess of $1.3 billion. For additional information, please visit www.firstcountybank.com; become a fan by clicking Like on the bank’s Facebook page at http://www.facebook.com/firstcountybank; or follow it on twitter at http://www.twitter.com/firstcountybank; or look for First County Bank on LinkedIn at http://www.linkedin.com/company/920207.
ADDITIONAL CREDIT ‘TIPS’ FROM THE GET SMART ABOUT CREDIT PROGRAM
DO pay at least the minimum due and contact your creditor if you have trouble making payments. This will help you to avoid late fees and a rising APR. To pay off your balance quicker, pay more than the minimum due. If you are unable to make the minimum monthly payments, let your creditor know so they can work with you to create a more manageable payment plan.
DO be wary of anyone who claims they can “fix” your credit report. No one can legally remove negative accurate information from your credit history. The only thing that can fix a credit report is time and a positive payment history.
DO read the fine print on the credit application. The application is a contract, so read it carefully before signing. Credit card companies are very competitive so interest rates, credit limits, grace periods, annual fees, terms and conditions may vary.
DON'T feel pressure to get a credit card. If you don't want one, you have the right to say “no.” Under the new CARD Act 2009 consumers aged 18-21 cannot be solicited for credit. If you no longer wish to receive prescreened offers, opt out by calling 1-888-5-OPT OUT (1-888-567-8688) or visit www.optoutprescreen.com.
DON'T ignore the warning signs of credit trouble. If you pay only the minimum balance, pay late, use cash-advances to fund daily living expenses or transfer a lot of balances you might be in the “credit” danger zone. Talk to a financial counseling organization to regain control of your finances.
DON'T share your credit card number. Never give out credit card or personal information if you have not initiated the transaction. Be aware of identity theft and phishing scams that ask for credit card numbers. If you suspect that your identity has been compromised, file a complaint with the Federal Trade Commission by calling 1-877-ID-THEFT (1-877-438-4338); TDD: 202-326-2502, or visit www.ftc.gov/idtheft.
