Tuesday May 9, 2023 we went to speak to the Archer City High School Seniors. Judy, Levi and Erica spoke to students about Loans, Credit Scores, Scams and Identity Theft.
Levi spoke to the students about how important it is to pay attention to all the fine print when getting a loan. Also, to double-check the loan amount, loan type, loan terms, interest rates and monthly payment amount and to make sure what is on the loan documents is what was discussed and agreed upon. He also discussed the pitfalls of financing an auto for a long term and how this can lead to negative equity.
Erica stressed the importance of being prepared before getting yourself into a loan. Examples being don’t fall for high pressure sales, choose who does your financing by not letting the dealership tell you who you have to finance your loan with, take someone with you, DO NOT ALLOW them to run your CREDIT if you know someone else is doing your financing. She also explained GAP & Mechanical Breakdown and to be sure to compare the price of these products offered by dealerships to the same products offered by your financial institution.
Judy discussed how important your Credit Score is and how it can impact your ability to get a cell phone or rent an apartment as well as the cost of your insurance premium. Also, how to understand your credit score and how payment history, revolving accounts and credit capacity are used to calculate your credit score. She spoke about Identity Theft and different types of Scams and what to do if you become a victim of either. And to remember that if it sounds too good to be true, IT IS!
We are thankful that Archer City ISD allowed us to speak with all the graduating seniors and help them to become more informed and prepared young adults.