Margret Sloan

We told my step-daughter that we want to talk with her this weekend and to make plans for someone to watch her son for a couple of hours so we won’t be distracted with his constant need for attention while we talk. We see some of the serious signs of her heading into financial trouble and we want to try to nip it in the bud.

She’s been trying to make a go of it on her own since she was 16 but didn’t pop into our lives until about 3 years ago when she showed up on our doorsteps with a suitcase and her son looking for someplace to sleep. And I don’t mind helping her, but at some point you have to cut the apron strings or kick the baby bird from the nest or whatever you have to do to get them on their own two feet.

So our talk will be about taking financial responsibility for herself and her son. I don’t think her mother ever talked with her about anything like balancing a checkbook, using a debit card and establishing credit. But in today’s world, the young people need to learn these things and be smart about their credit to build a secure future for themselves.

We’ll help her get a copy of her credit report, open a checking account and then apply for a credit card. We’ll work with her to find credit card deals and then monitor the card usage and bills for a few months to explain how it all works and to make sure she understands how important it is to keep these financial matters in good standing. After all, we won’t be around forever to bail her out, and she needs to be a good role model for her son, too.

I found a good website to help with our discussion and I’ve bookmarked their page. Here’s the press release that caught my eye:

Press Release:

We often hear: be responsible with your finances, use wisely credit cards, try to establish good credit history, etc. But why should we take pains to establish good credit rating? What good credit cards can give us? What does high credit score mean?
You credit history is considered to be good if your score is between 660 and 749. Having established good credit, you are eligible for the most beneficial credit card offers. High credit score proves your responsibility and payment abilities and banks are ready to reward you. Now you can apply for plastics with rewards programs. If you are frequent traveler, you will benefit from a credit card with free air miles or a hotel card. Gasoline credit cards will let you save on everyday gas purchases. Do you enjoy shopping? Cash back credit cards give generous rewards and rebates for the purchases you would make anyway.
Good credit history also lets you enjoy low interest rate credit cards that are certainly the most beneficial credit deals. Good rating gives a chance to benefit not only from using credit cards. It also helps to get a loan or a mortgage with more favorable terms and low interest rates.
The advantage of good credit rating is evident. So, visit FreeCreditScoreOnline.com to learn how to raise your credit score and build strong credit history.