OVB to take part in Get Smart About Credit

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OVB Financial Literacy Leader Hope Roush presents Adventures in Credit to area school.

October is not only about Halloween, it also plays host to the American Bankers Association Get Smart About Credit event. Don’t let your finances scare you. Be sure to Get Smart About Credit!

Ohio Valley Bank will once again celebrate the event this month with their financial literacy programs. Now in its 15th year, Get Smart About Credit is a national campaign sponsored by the American Bankers Association to help youth understand credit and other financial lessons. Get Smart About Credit Day will officially be held Thursday, Oct. 19, however, OVB will be celebrating the event throughout the fall season.

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Get Smart About Credit this October

Credit CardsOctober is time for spooky thoughts of Halloween. While ghosts and goblins might give you a fright, don’t let your finances give you nightmares too.

Credit doesn’t have to be scary. To equip youth with a better understanding of credit, the American Bankers Association is hosting Get Smart About Credit Day this October. Once again, Ohio Valley Bank plans to participate in the program.

The 14th annual event will be celebrated Oct. 20, however the American Bankers Association encourages participants to host Get Smart About Credit presentations throughout the entirety of October as well as anytime in 2016.

To celebrate the event, OVB will be working credit lessons into their financial education programs. At the high school level, Get Smart About Credit will be incorporated into the OVB BANKit program. In addition, Adventures in Credit presentations, featuring the Centsables, are planned for area elementary schools. Ohio Valley Bank is also offering a smart, limited-time offer on new Visa Platinum credit cards. Details on the offer are available at any Ohio Valley Bank location.

The main goal of Get Smart About Credit is to share with students the “credit facts of life.” According to the American Bankers Association, the event stresses the importance of credit in all aspects of life. The campaign aims to show students that credit education isn’t just about paying for college, credit cards and loans, but also encompasses budgeting, understanding a credit report and identity protection.

What can you do to raise your credit score? Check out the following tips:

  • Take advantage of your annual free credit report. You should have your credit checked once a year to review for errors or inaccuracies. Visit annualcreditreport.com for more information.
  • Pay your credit card bill on time. Also, pay your bills in full if you are able to do so.
  • Set and stick with a budget. Adhering to a spending plan is really your first step to financial freedom. By following a budget and saving money you will be less likely to overspend on credit cards, which will also help you save on added fees such as interest costs.
  • Watch for warning signs of credit trouble. For example, if you find yourself continually making late payments, are only able to pay the minimum each month, or find yourself using credit for every day expenses, you’re already in trouble.
  • Think before you buy. Do not pay for things using credit without thinking about how it could affect your budget first. Make sure you will have the means to make payments on your purchase before you swipe your credit card.

For more information on Get Smart about Credit or to schedule a presentation for your school/event, contact OVB Financial Literacy Leader Hope Roush at hdroush@ovbc.com.

Why I Went From Credit to Debit

©Getty Images

©Getty Images

I have a startling confession to make. Up until recently, I was a heavy credit card user, and it wasn’t an OVB credit card.  Boo! Hiss! Snarl! That’s the sound of certain members of my OVB family coming to take me out. The fact is, I received a credit card from an unnamed national credit card company prior to my employment with Ohio Valley Bank and just never switched over.  I was receiving 1% cash back, I was able to pay for everything a month later (more on why that’s a negative below), and I had just gotten in the habit of using it.

Recently, however, I made the jump from a national credit card to a local debit card.  Why? Well I’ll tell you!

Budgeting

It’s easier for me to budget when the money comes out of my account right away. Sure for the first month of paying with a credit card it might be easier to pay a month later, but after a point it really isn’t any different from paying now.

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