Lane Library is hosting Money Smart Week from Mar. 10-17, so students can learn how to manage their money.
Students can visit the table in the lobby of Lane Library to pick up information from the Consumer Financial Protection Bureau about their overdraft options, how to become debt-free and how to find the best credit card.
The fact sheet about overdraft fees outlines key information about overdraft fees, tips to avoid overdrafts and three options for students who pay overdraft fees habitually. If students want to avoid overdraft fees, they can
Link their checking and savings accounts
Ask their financial institution if they are eligible for a line of credit
Choose debit and ATM overdraft coverage
There is also another fact sheet about how to become debt-free. This fact sheet lists the warning signs of a debt-settlement scam and recommends students
“Consider working with a credit counselor”
Use a debt management plan to control payments and costs
Do not use a debt settlement plan because it can cost more and hurt credit score
Finally, when students are ready to choose a credit card, the Consumer Financial Protect Bureau recommends student follow these four steps:
“Decide how you plan to use the card
Know what to compare
Shop around and ask for better deals
Transfer your account with care.”
The pamphlet also answers the question “Why should you shop around?” explains terms students should know and explains when credit card rates can rise.
Lane Library also has bookmarks from the Consumer Financial Protection Bureau. Additionally, they have more information on shopping for loans, buying a house, and beginning to invest.
To contact the Consumer Finance Protection Bureau, click here, or call (855) 411-2372 and for individuals who are deaf or hard of hearing call (855) 729-2372.