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We put
together this packet to help educate young
adults about money issues they will face as
they leave home. It is important to build
these skills with your parents or guardians
before you are faced with decisions that can
permanently affect your credit.
Opening a checking
account is an excellent way to learn how to
balance your finances. The literature about
keeping an accurate record of your checking is
an important lesson at any age. Many people
don’t realize that your checking account
history can affect your credit. Many teens
open a joint checking with their parents to
manage their money. This can give parents the
opportunity to share their knowledge with
their children. Many students open accounts in
college and don’t have the background to
manage them. It is best to have a strong
foundation before you leave home.
Many young adults will
be heading off to explore higher education.
The costs of education are growing each year
and the credit union can offer student loans.
The student must apply for financial aid at
their school and receive an awards letter.
Once you receive that letter we can set up
your student loan at NFCU. Contact your
financial aid office to receive a financial
aid packet. Call us with any questions
regarding what to do when you receive an
awards letter.
Many companies will
start to send young adults credit
opportunities as early as high school. To help
prepare you for the dangers of credit cards we
have included some literature provided by FISC,
a credit counseling service in northeast
Wisconsin
. We work with FISC to educate our members
about credit, budgeting, and debt repayment.
They hold seminars, at a nominal fee, that are
open to the public. FISC is a great resource
for credit education whether you are beginning
to build your credit or are working to repair
it.
Please take time to read
through the articles below. Your credit will
affect every aspect of your life. Once it is
damaged it takes a lot of time and energy to
restore. If you have any questions or would
like more information please call the credit
union at (920)725-2191. We are looking forward
to helping you build great credit for today
and for your future.
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