WFFT's Brooke Welch spoke with Secretary Connie Lawson about the importance of educating your children. If you've blown your budget, we have advice from a mortgage professional about how you can get back on track financially.
Many college students get their first credit card and without supervision, that's when financial problems can begin. Mortgage Banking Professional Mike Wallace explains.
"It's a very common occurrence for a lot of our first time home buyers to discover issues on their credit that they may have forgotten or weren't aware were there in the first place."
Secretary of State, Connie Lawson was in Fort Wayne educating high school students on financial literacy.
"First of all, we talk about budgeting and prioritizing their spending, but one of the big messages is we talk about not getting into credit card debt, not getting into trouble with those credit cards."
Lawson says that students learn from their parents, but that less than 30% of parents have talked to their children about the importance of a credit score.
"I know that 92 million Americans give themselves a grade of C, D, or F, on their personal financial knowledge. So ya know, our emphasis is to make sure these students when they get to be adults can give themselves an A."
So what can you do if you have bad credit yourself?
"Any medical bills, any utility bills that may be in your name. You need to understand that there are ramifications for paying those late. The big thing is monitoring your credit, so you know what's out there and you can take the steps to correct it over time."
Wallace says that many times people just don't realize that they had a bill they hadn't taken care of years ago.
"Breaking the news to a consumer that you can't go through with the transaction based on bad credit is a very tough and challenging conversation to have with those individuals."
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