How to Get Smart About Credit
Credit plays a pivotal role in our financial lives. Whether you’re looking to buy a house, start a business, or manage day-to-day expenses, understanding how credit works can make a difference. Get Smart About Credit Day is an annual event that aims to enhance consumers knowledge and usage of credit, especially younger people, helping them make informed financial decisions.
Let’s delve into the importance of this day and how you can get involved!
When is Get Smart About Credit Day 2024?
National Get Smart About Credit Day is observed every third Thursday in October. In 2024, Get Smart About Credit Day will be observed on Thursday, October 17th.
“This event, organized by the American Bankers Association (ABA) Foundation, serves as a national campaign to educate young people about the importance of credit and how to use it responsibly. It’s an excellent opportunity for individuals of all ages to learn more about credit management, credit scores, and the impact of credit on our financial health,” says Scott Mass, Senior Vice President, Investments at David Lerner Associates, Inc.
History of Get Smart About Credit Day
Get Smart About Credit Day was established by the American Bankers Association Foundation in 2003.
The initiative began as part of the broader Get Smart About Credit campaign, which aims to provide financial education to high school students and young adults.
Over the years, the campaign has expanded to include various activities, workshops, and resources designed to improve credit literacy across all age groups. By equipping people with the knowledge and tools to manage their credit effectively, the ABA Foundation hopes to foster a generation of financially savvy individuals.
Get Smart About Credit Day Participation Ideas
Getting involved in Get Smart About Credit Day can have a lasting impact on your financial well-being.
Here are some practical ideas to make the most of this important day:
- Attend a Workshop: Look for workshops and seminars in your area. These events often cover credit scores, credit reports, and how to build and maintain good credit. Attending a workshop can provide you with valuable insights and practical tips.
- Join Online Webinars: Many organizations offer free online webinars on credit management. These webinars can be a convenient way to gain knowledge from the comfort of your home.
- Learn About Credit Scores: A less-than-stellar credit score can have far-reaching consequences. Understand what factors influence your credit score. Knowing how your credit score is calculated can help you make better financial decisions and take steps to improve your score over time.
- Review Your Credit Report: According to a 2023 survey by Fair Isaac Corporation (FICO), 90 percent of Americans say they “somewhat understand what a credit score is,” but just 37 percent check their credit score monthly. Take advantage of free credit report services to review your credit report. Checking your report regularly can help you identify any errors or fraudulent activity and give you a clear picture of your current credit standing.
- Practice Responsible Credit Use: Start implementing good credit habits, such as paying your bills on time, keeping your credit card balances low, and avoiding unnecessary credit inquiries. Consistent, responsible behavior will help improve your credit over time.
- Consult a Financial Advisor: Discuss your credit situation with a financial advisor. An advisor can provide personalized advice and help you develop a strategy to achieve your credit goals.
- Educate Your Family: Use Get Smart About Credit Day to teach your family about credit. Please share what you’ve learned and encourage them to get involved in improving their credit literacy. Many community organizations offer resources and support for credit management. Reach out to these organizations for additional help and guidance.
Get Smart About Credit Day is more than just a date on the calendar; it’s a call to action for everyone to take control of their financial future. By participating in the activities and utilizing the resources available, you can enhance your credit knowledge and make informed decisions that will benefit you in the long run. Remember, managing credit responsibly is a crucial component of financial health, and it’s never too late to start learning.
We are committed to helping you achieve your financial goals at David Lerner Associates. Whether you’re just starting out or looking to refine your credit strategy, our team of experienced advisors is here to provide you with the guidance and support you need. Contact us today to schedule a consultation and begin your journey towards better credit management. Together, we can ensure that your financial future is as bright as possible.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.