Academic journal article ABA Banking Journal

No Better Time to "Get Smart about Credit"

Academic journal article ABA Banking Journal

No Better Time to "Get Smart about Credit"

Article excerpt

A STRUGGLING ECONOMY AND MORE complicated credit card rules are making the ABA Education Foundation's seventh annual Get Smart About Credit Day on Oct. 15 all the more important for the nation's young adults--and the bankers who will teach them about credit.

Bankers who go into the schools to teach this year are being asked to stress the fundamentals of wise credit use. Since the program lasts throughout October, you can participate on any day that works for you.

But please participate because young people who want to get credit face an even higher hurdle than ever. The Credit Card Accountability, Responsibility and Disclosure Act of 2009, which becomes effective early next year, requires that:

* Consumers under the age of 21 must have an adult co-signer or prove that they have an independent means of repaying a credit card loan. This is going to be a big change for young adults and makes their understanding of the new credit law all the more important.

* Young adults must submit an application in writing and opt-in for pre-screened offers. More often than not, they will face that hurdle at the bank because applying in person at the bank is the leading method students use to acquire a credit card. That makes our participation in Get Smart About Credit training all the more important.

Bankers who teach a lesson on credit--even those who only go into the schools for a day or two each year--have the opportunity to touch the future and influence a new generation of consumers about an essential piece of their financial well being--their good credit.

Participating bankers are getting more help than ever to prepare for the course they'll teach. …

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