Kids’ Savings Club Launched
“We emphasize the importance of saving, and we also have financial literacy stuff that we send out to the parents. In addition to that we offer benefits. For example, children from the age of one to 12 will receive a dollar each year for every inch they grow.”
He says older account holders up to the age of 18 get other gifts, and they also learn about the importance of having good credit. Tracey Ford is the Montgomery and Bucks County Outreach Manager for Consumer Credit Counseling Service, a nonprofit organization that helps people with credit problems. She says a new law gives credit card holders more protection, including stricter rules covering interest rate hikes.
“Your interest rate now cannot be increased automatically because you missed your payment by two or three days. Despite that, though, you’ve got to be very vigilant with credit card companies. So despite the fact that they’re not allowed to do it, you’ve got to be very vigilant about staying on top of them and calling and inquiring about what’s going on with your account.”
Under the new law, Ford says, they can’t raise interest rates until the payments are 60 days late. She also says new card holders must understand that a credit card is not free money. It’s a loan that needs to be re-paid. She and Spinelli appeared Wednesday on the WNPV talk program Comment Please by Univest.