This month we’re discussing credit at Young Americans Bank. Be sure to stop by to pick up worksheets and learn more about the importance of credit. What is credit? Credit is the borrowing of funds with the intent of paying them back. Typically there is a charge for borrowing these funds. The charge is usually in the form of fees …
As adults, we know how important our credit score can be. Many institutions, from lenders to potential employers, use this number to judge our level of responsibility. Unfortunately, youth that are just starting out rarely have a history of credit. I get a lot of questions from parents regarding how to help their children build credit without building debt, so …
In last month’s post on holiday savings, I mentioned that you may offer to help your child pay for holiday purchases. This doesn’t necessarily mean you have to fork over money you may never see again. In fact, you are well within your rights and providing an invaluable learning opportunity by offering your youngster a loan. Lending money to adult …
Hola! Konnichiwa! Privyet! Shalom! As students, carrying ceremonial flames and flags representing their countries for the day, stand proudly in front of their peers to present greetings in their “native language” during an Olympic themed opening ceremony, I can’t help but wonder who these kids are going to be when they grow up. As sixth or seventh graders, many of …
Each month in Young Americans Bank we focus on one financial concept and talk with all of our customers about it. This month we’re discussing credit: what it is, how you build it, and how you use it. What is credit? So what exactly is credit? Credit is defined as confidence in a borrower’s ability and intention to repay. The …
This month at Young Americans Bank, we’re talking about credit. It’s not “free money” as some young people may think. Credit is the borrowing of funds with the intent of paying them back. In almost every case, there is a charge for borrowing the funds. The charge is usually in the form of fees and/or interest. Credit is considered an …
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