National Get Smart About Credit Day:
The National Get Smart About Credit Day occurs on the third Thursday of October. The event is celebrated annually to teach people about the benefits of having good credit.
Why National Get Smart About Credit Day?
The National Get Smart About Credit Day is an annual campaign that involves volunteer bankers coming together so that they can help the youth have better credit habits. For the purposes of ensuring that, the future generation is equipped with all the knowledge that they need in financial management, they need to be trained from a young age. During this day, volunteers teach the youth about some of the ways that they can manage their finances better so that they can achieve a better credit score. Many young people are amassing poor credit scores because of incurring huge debts that they are unable to repay. Being smart about debts and borrowing in the right manner will alleviate this growing issue.
How can we celebrate National Get Smart About Credit Day:
- Check your credit score
The first step towards celebrating this day is checking your credit score. It is very easy to check your credit score because the internet gives different platforms for people to do the same. When you have the details of your credit score, you can know the best way forward in order to live a debt-free life. You can also seek the help of an accrediting agency to help you know if there is anything wrong with your score and where you may be going wrong.
- Consult with a financial adviser
If you are worried about the details of your credit score, you should seek the help of a financial adviser who will help you create a plan. The best thing about getting a financial adviser is that they will work closely with you to find out the problems and establish the best solution. Many financial advisers are available for both individuals and companies. Consulting them on this day is the best thing because they usually volunteer to offer free services
- Use materials and resources
The other way to learn about being smart about your credit on this day is by using materials, books, and other resources to learn. This is the best way to mark this day if you are not able to access the services of a financial adviser. A lot of materials and resources pertaining to better credit management are available online and some of them are even available at no extra cost. You can use the day to go through some materials with your friends or family members so that you can start celebrating the day together.
- Start repaying your debts
If you find that your credit score is not attractive, the next thing that you can do is to find a way that you can start repaying your debts. If you are not in a good financial position, you can formulate a systematic plan of how you can start repaying your debts slowly and how you can avoid incurring any more debts.
Use Hashtags #NationalGetSmartAboutCreditDay and #GetSmartAboutCreditDay.
Interesting facts about Get Smart About Credit Day:
Here are some interesting facts that you should know about your credit score:
- There are five core factors that affect your credit score and this include your credit payment history, credit utilization, duration of credit history, new credit, and diversification of credit
- Getting rid of a negative credit score can take some time
- Most lenders use credit scores before making a decision of whether to extend financing to you. However, they are not the only deciding factors
- There are many platforms where you can check your credit score at no cost
- You can lower your credit score if you cancel your old credit cards
- There are loans that you can get with a bad credit score but such loans will charge higher interest rates and more strict terms
History of Get Smart About Credit Day:
The American Banker Association (ABA) Education Foundation started the National Get Smart About Credit Day in 2003. These bankers volunteer their services on this day to work with the youth to help them become aware of the benefits that are realized from maintaining a positive credit score. Every youth is allowed to access the services that are offered on this day and all they have to do is register for their participation. Over the years, this national day has created a positive impact in the lives of the youth by helping them live more responsible financial lives.