Published: October 19, 2009 09:09 am      

Citizens First Bank helps CCC students 'Get Smart About Credit’

CLINTON — As the economy and new legislation shape a new credit reality for young adults, Citizens First Bank helped get the word about good credit to Clinton Community College students as part of the American Bankers Association Education Foundation’s seventh annual Get Smart About Credit Day, which was celebrated October 15 and throughout the month. The program stresses the fundamentals of wise credit use.

Understanding how to use consumer credit wisely gives young adults the foundation that will serve them well when they are ready to buy a home, a car or pursue their dreams of owning a small business.

Citizens First Bank President Tom Soenksen said, “Establishing good credit habits is essential in understanding how to manage personal and business finances. Credit is long-term and affects many things in one’s future.”

Barb Olsen and Lori Welsh were available to CCC students on Thursday afternoon to answer questions about achieving good credit, restoring credit, use of credit cards as well as how to avoid identity theft.

The Credit Card Accountability Responsibility and Disclosure Act of 2009, effective February 2010, will require consumers under 21 to have a co-signer or prove they have the financial means to repay the loan. Currently, 34 percent of college students have at least one credit card, according to a 2008 Student Monitor study.

“Entering adulthood without a real understanding of credit is like jumping out of an airplane without a parachute,” explained Soenksen. “Credit has always been a new exploration for young adults, but now it’s more than new — it’s new and different.”