Credit Abcs for Teens

Karen J. Gurley

Description

Finally, a book dedicated to educating teenagers about the basic elements of credit management before they become eligible to submit their first credit application!
Credit ABCs for Teens is a relatable and easy reading book that explains the basic facts of credit with a creative spin. It sets the foundation for understanding credit and all of the fundamental components that make up the credit process.
After reading Credit ABCs for Teens, teenagers will be prepared to start the journey of credit management and be inspired to practice positive credit behavior and learn how to take advantage of all of the benefits of using it wisely.

Sujets

• Reference
• Education

Informations

• Publié par: AuthorHouse
• Date de parution: 23 janvier 2023
• Nombre de lectures: 0
• EAN13: 9781665578325
• Langue: English

Extrait

Credit ABCs ™ for Teens
 
Understanding the Basics
 
 
 
 
Karen J. Gurley
 
 
 

 
AuthorHouse™
1663 Liberty Drive
Bloomington, IN 47403
www.authorhouse.com
Phone: [phone]
 
 
 
 
© 2022 Karen J. Gurley. All rights reserved.
Credit ABCs TM is the exclusive registered trademark of Karen Gurley.
No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means without the written permission of the author.
 
Published by AuthorHouse 01/06/2023
 
ISBN: 978-1-6655-7833-2 (sc)
ISBN: 978-1-6655-7832-5 (e)
 
Library of Congress Control Number: 2022923292
 
 
 
Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.
 
This publication is designed to provide accurate and authoritative information
in regard to the subject matter covered. It is sold with the understanding
that the writer is not engaged in rendering legal, accounting, or other
professional services. If legal advice or other expert assistance is required,
the services of a competent professional person should be sought.
 
 
 
 
 

CONTENTS
Acknowledgments
Preface
Chapter 1:Credit ABCs — Why The Basics?
Chapter 2:Credit ABCs: The Letter “A” — About Credit Bureaus
Credit Bureaus
Credit Report
Establishing Credit for the First Time
Credit Score
Quiz
Chapter 3:Credit ABCs: The Letter “B” — Bad Credit Equals Collection Agencies
How Does It Work?
How Does It Impact Your Credit Score?
How Much Does It Cost?
Quiz
Chapter 4:Credit ABCs: The Letter “C” — Credit Protection Helps You
Why It Is Important
Ways to Protect
Quiz
Chapter 5:Credit ABCs — Conclusion
Quiz Answers
Glossary of Terms
References
ACKNOWLEDGMENTS
I am very honored to have this opportunity to share such empowering information to so many wonderful teenagers. Thank you so much to all of you who are interested and take time to read Credit ABCs for Teens, Understanding the Ba sics .
With deep love from my heart, I’d like to dedicate this book in loving memory of my parents, Arthur Jr. and Luzean Gurley; my mother, Mattie Louise Gurley and my niece, Mrs. Candace Tucker. I love you all and I miss you oh so much.
I also give a big shout out to my little doggie and best friend, Emoji.
PREFACE
We are a society that encourages the use of credit for every purchasing decision in our lives. We use credit for food, clothes, phones, bills, cars and homes; we use credit to purchase everything. However, we do little to teach people how to use credit in a responsible way. This notion is evident in the high number of credit restoration services available throughout our country. Based on statistics from moneytransfers.com, there are 43,791 credit repair service businesses in the United States and the industry’s market size is expected to grow by 9.5% in 2022. In addition, the number of applications for bankruptcy increases each year. According to Debt.org, the number of bankruptcy filings in the United States has steadily increased over the last century, and especially so from 1980 to 2005.
The opportunity to establish credit is afforded to everyone once they turn 18 years of age. Teenagers under 18 years-old cannot apply for a credit card without a parent’s co-signature. However, due to the 2009 Card Act, people under 21 and lack a credit history or have a credit history that’s not great, may have to have a parent co-sign or show proof that they will be able to pay their bills with only their present income. This means that each year there is a fresh new group of potential customers for those merchants who offer services to allow people to establish credit for the first time and for credit card companies to pursue.
Consider these facts:
• Most Americans believe it is the job of parents to teach their kids about money. At the same time, only 15% of parents said they spoke with their children more than once a week about household finances, 13% said once a week and 16% said once a month. Some 24% talk to their children less often and 31% never do. (“Who should teach kids about money? Americans say parents, but many don’t talk to their own children about it: CNBC + Acorns survey”) Retrieved from https://www.cnbc.com/2022/04/06/americans-think-parents-should-teach-kids-about-money-yet-many-dont.html#:~:text=Most%20Americans%20believe%20it%20is%20the%20job%20of,topic%2C%20according%20to%20the%20survey%2C%20conducted%20by%20Momen tive
• A poll by Sallie Mae found that 84 percent of high school students desire more financial education. (“ Why Most High Schoolers Don’t Know How to Manage Their Money”) Retrieved from https://money.usnews.com/money/personal-finance/articles/2012/10/09/why-most-high-schoolers-dont-know-how-to-manage-their-m oney
• Graduating high school seniors averaged a failing grade of 52% in basic personal finance knowledge according to the ( “Financial Literacy for Parents and Students”) Retrieved from https://collegeparents.org/2020/09/28/financial-literacy-parents-and-stud ents/
• Since 1993, more than 61% of high school graduates between 16 and 24 years old enrolled in college each year. (“ 61.8 percent of recent high school graduates enrolled in college in October 2021”) Retrieved from https://www.bls.gov/opub/ted/2022/61-8-percent-of-recent-high-school-graduates-enrolled-in-college-in-october-2021 .htm
• Credit companies aggressively target college students with credit cards. According to a survey done by the US Public Interest Research Group, close to 76% of college students admit that credit cards were marketed to them within campuses. (“Credit Card Companies targeting College Students on Campuses Essay”, n.d.) Retrieved from https://studentshare.org/english/1431424-credit-card-companies-targeting-college-students-on-camp uses
• 34 percent of college students have a credit card their first year in college, while 65 percent have a credit card by the end of their senior year. (“ 48 statistics on college student credit card debt”) Retrieved from