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TITLE:
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TEENAGERS LEARN HOW TO MANAGE A CREDIT CARD
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AUTHOR:
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Adrianne Cox
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CATEGORY:
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Economic Development and Quality of Life (communities, families & children)
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IMPACT YEAR:
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2006
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COUNTY:
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Harris
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SITUATION:
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Many teenagers do not understand how credit cards work and how easy it is to get in debt. They think they can buy the items they want and not worry about paying for it until later. The balance adds up quicker than they realize and they find themselves in a financial bind.
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RESPONSE:
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I held a series of two lessons about credit card use and how to use them wisely. Role play was used and it made the lessons more effective and fun. The 4-H’ers were in shock how quick their balance added up to more than they could pay. Then they learned about the added fees and interest rate. I talked about purchasing pre-paid credit cards to avoid overspending. Many teens are getting jobs to pay for their vehicle and other expenses they have. They learned about managing their money to pay the bills that were a necessity first.
Saving money was brought into the lessons as well. They all know they should save to buy what they want. It takes discipline to save. But, saving just fifty cents a day in loose change adds up to $15 a month. Cutting back on soft drinks by one liter a week saves six dollars. Information about the Georgia Saves program was presented as well. We talked investing in a savings account to earn interest.
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RESULTS/IMPACT:
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These lessons really made an impact on the youth. Most of them did not realize how long it would take to pay off a credit card when only paying the minimum payment. They learned how to manage their money to achieve their goals. Many of them talked to their parents about opening a savings account that did not already have one. Three 4-H’ers enrolled in the Georgia Saves program. Each 4-H’er made it a goal to manage their money wisely and not to overspend.
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PROGRAM AREA:
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Extension/Outreach
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KEYWORDS:
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4-H (character education)
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FUNDING:
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Standard Extension Funding
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COLLABORATORS:
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CAES:
None
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Non-CAES:
None
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BRIEF:
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TEENS LEARN HOW TO MANAGE A CREDIT CARD
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