PRESQUE ISLE – Employees of Katahdin Trust Co. went into local classrooms Thursday, Oct. 18 to teach high school students the do’s and don’ts of credit as part of National Get Smart About Credit Day, a financial literacy program sponsored by the American Bankers Association Education Foundation.
The presentation was one of many being made by bankers across the country as part of a nationwide effort to help young people take charge of their personal finances.
“The choices young adults make with their first credit card will impact their lives years later when they apply for a car loan or even a mortgage,” said Vicki Smith, senior vice president of marketing at Katahdin Trust Co. “We participate in the Get Smart About Credit program to raise awareness about the responsible use of credit. And, to show young adults how they can use credit wisely, right from the start.”
Presentations focused on six core activities – the “how-to’s” of credit, including obtaining and managing credit, reading a credit report effectively, understanding the importance of a good credit record, budgeting now to help avoid credit problems later, and keeping personal financial information secure.
Katahdin Trust Co. employees will be making presentations to the following high schools throughout their market area: Central Aroostook High School in Mars Hill, Jeff Pangburn, assistant vice president and commercial services officer; Presque Isle High School, Joe Clukey, assistant vice president and retail services officer; Washburn District High School, Peggy Bugbee, Washburn branch manager and Connie Heald, head teller, Washburn office; Greater Houlton Christian Academy, Annette Beaton, vice president and Houlton branch manager; Fort Fairfield High School, Sue Fitzherbert, Fort Fairfield branch manager; and Ashland High School, Janet Jandreau, Ashland branch manager.
Katahdin Trust Co. has many tips for students and young adults, such as:
• Establish a budget and stick to it. This will help you keep your finances in order.
• Educate yourself on how credit works before you obtain a credit card.
• Choose the credit card that fits your needs. Interest rates, credit limits, grace periods, annual fees, and terms vary.
• A credit application is a contract. Make sure you read it – all of it – before you sign it.
• Don’t spend more than you can afford. A credit card is a loan, not magic money.
• Don’t pay your bills late. Late payments hurt your credit rating.
• Know the signs of credit trouble. If you continuously pay the minimum balance, pay late, or use cash-advances to pay daily living expenses, you may be in the danger zone.
• Call your bank if you have questions. Your bank is there to help and can make recommendations about managing your money.
Contributed photo
JEFF PANGBURN, assistant vice president and commercial services officer for Katahdin Trust Co., talked to the junior and senior class in Mars Hill about the importance of maintaining good credit, checking your credit report, and budgeting as part of the American Bankers Association “Get Smart About Credit Day.”
