First Interstate Bank bankers will celebrate the 14th annual Get Smart About Credit Day on October 20th and throughout the month by visiting classrooms across Montana, Wyoming, and western South Dakota to present lessons on important financial obstacles facing young adults, including paying for college, building good credit habits, managing money and protecting their identity.
Credit education is important for the post-secondary success of today’s teenagers, many of whom will be starting their adult lives with student loan debt. Paying for college, using a credit card, taking on personal loans, and understanding a credit report are all significant parts of life, and the Get Smart About Credit program aims to educate kids on how to approach credit responsibly.
On average, an American between the ages of 18 and 65 carries over $4,700 in credit card debt (source: Time Magazine). Widespread credit availability and lack of proper credit education can lead credit users down a path of poor management, which is what Get Smart About Credit hopes to counteract.
The program was conceived by the American Bankers Association and has been running for over a decade. “I believe it’s important for us, as an industry, to leverage our own financial knowledge to teach today’s teens about the importance of credit and how to use it wisely,” said Rob Nichols, ABA president and CEO. “The Get Smart About Credit program provides participating bankers with all the resources they need to get students thinking critically about their financial futures.”