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Financial Literacy Shannon Stump PNC Bank Financial Literacy Introduction Financial Health Budgeting for Students What is Credit? Students and Credit Cards Getting out of Debt Avoiding ID Theft Introduction Why Financial Literacy? Why now? The Demanding College Experience

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financial literacy

Financial Literacy

Shannon Stump

PNC Bank

financial literacy2
Financial Literacy

Introduction

Financial Health

Budgeting for Students

What is Credit?

Students and Credit Cards

Getting out of Debt

Avoiding ID Theft

introduction
Introduction
  • Why Financial Literacy? Why now?
  • The Demanding College Experience
  • 1st Time in Control of Spending
  • Main Dangers
  • GOAL
    • Teach students how to reduce their overall college debt by making smart financial choices while in college.
financial health
Financial Health
  • #1 question to ask
    • Will you make the decisions to support your financial goal?
  • No magic formula
    • Getting in shape!
    • Mastering your own behavior
financial health5
Financial Health
  • What does it mean to be financially healthy?
    • Free of crushing debt
    • Free of high interest debt
    • Planning for the future
financial health6
Financial Health
  • So how do you become financially healthy?
    • Create a realistic budget
    • Minimize debt
      • Don’t buy on credit cards
      • Spending more than you have
        • College books vs. Plasma TV
      • Don’t give into peer pressure
        • Keeping up with your friends
        • Latte
budgeting for students
Budgeting for Students
  • What is one of the biggest reasons we spend to much money?
    • Lack of planning
    • Pizza and MP3’s
  • So how do we plan?
    • Budget
      • What is a budget?
        • Spending/Savings
budgeting for students8
Budgeting for Students
  • Budget
    • Goals of a budget?
    • Calculators?
      • Income
      • Expenses
      • Cash Flow
what is credit
What is Credit?
  • What is Credit?
    • Promise that money borrowed will be repaid usually with interest.
  • Why would we use it?
    • Allows us to get things without having to carry cash
    • Allows us to buy things we might not be able to afford
      • Ex. Home, College education
what is credit10
What is Credit
  • Credit Reports and Scores
    • Friends?
    • Rate the likelihood that people will repay their debt
    • Financial history
    • Better credit/Better rates
  • Who looks at my credit?
    • Car dealer, private education loans, home loans, insurace companies, landlords, and even employees
what is credit11
What is Credit
  • What is on my credit? 7 years
    • SSN
    • DOB
    • Address
    • Employers
    • Bankruptcies, tax problems, etc.
    • How much you borrow on loans/CC
    • Your payment history
    • Collection Accounts
what is credit12
What is Credit
  • The Score
    • 300 to 850
      • Average score is 700
what is credit13
What is Credit
  • How do I obtain good credit?
    • Pay your bills on time
    • Manage your Credit Cards
    • Review your credit report periodically
      • AnnualCreditReport.com
students and credit cards
Students and Credit Cards
  • Second major debt students have next to student loans
    • Average student’s CC debt
    • 3 out of 5 first year college students with credit cards max them out within the first year
  • Why does this happen?
    • Target
students and credit cards15
Students and Credit Cards
  • Should I use cash for everything?
    • Emergency purchases
      • Cars, airline tickets, hotel rooms NOT dinner and a movie
  • General rule
    • If you can eat, drink or wear and item, it’s usually not a good use of credit.
getting out of debt
Getting out of Debt
  • Credit Cards are simple, right?
    • You charge it, you pay it off- what’s so complicated about that?
    • Charge more than you can repay
    • Interest
    • Minimum payment trap
      • Example
getting out of debt17
Getting out of Debt
  • Warning signs
  • Consolidating debt
    • May lower your rate at first
    • Risks
      • Can get into more debt if you don’t cancel your old cards
  • Request a lower rate
    • 50%
avoiding identity theft
Avoiding Identity Theft
  • Cost victims over 5 BILLION DOLLARS a YEAR
  • When does it occur and how does it work?
  • How many people does if affect yearly?
  • How long does it take to repair my credit?
  • How can I prevent it?
    • Protect SSN, report lost or stolen cards
    • Be aware of Key loggers
    • Phishing scams
    • Pretexting