Credit seminar aimed at college students planned

College-bound teenagers can get a clue about credit and finances at an Aug. 16 seminar.

The seminar is offered by Financial Literacy Foundation, a local nonprofit organization that operates independently of the banking industry and teaches people how to manage money.

“It’s really useful for all ages, but we are specifically targeting kids before they go off to college,” said Marilyn Keech, the foundation’s executive director.

Keech, who has a master’s in business administration in finance and a master’s in education, travels the region giving seminars at high schools and colleges. She also works with first-time homebuyers and women participating in Change Point, a women’s program sponsored by Community Colleges of Spokane.

“This is the first time we’ve ever tried anything open to the public sector in Spokane Valley,” Keech said.

Teenagers often are inundated with credit card offers, including marketing information that’s stuffed into welcome bags distributed to incoming students at some colleges, she said.

Credit card companies are employing creative techniques to capture the attention of college students, she said, including paying colleges to distribute fliers and student identification cards that look like Visa credit cards.

To students who don’t understand the long-term costs associated with paying high interest rates, the cards can tempt them into overspending and set up a cycle of paying minimum payments. College students graduate owing an average of $4,000 in credit card debt, on top of student loans, she said, adding, “It’s because they don’t know better.”

Participants will learn how to set up budgets, establish financial goals and save. It will also cover the pros and cons of credit, including the real cost of borrowing money.

The seminar will be from 6 to 7:30 p.m. at Spokane Valley Community Center, 10814 E. Broadway Ave. Admission is $20, which includes materials. For reservations and information, call 226-3981.