Students In Free Enterprise (SIFE) hosted their first of several financial literacy seminars to take place on City campus, on Feb. 23, in an attempt to provide education on credit card debt, establishing credit, and budgeting.
Event organizer, and City student, Collette DesAulnier was assisted by Chase Peckham, director of community outreach for the nonprofit organization DebtWave. Together they presented a Power Point presentation containing facts, percentages and examples of financial situations likely relating to students.
Attendees were presented with a sobering statistic. The average credit card debt of an undergraduate college student could take 18 and a half years to pay off. Those in attendance were also informed about credit card restrictions under the new credit laws of 2010,requiring cardholders under 21 to have a co-signer.
Besides being advised to take precautions with their finances, students were also educated on the benefits of building their credit. Advisors expressed that future investments, such as apartments, car loans, and insurance, will require a good credit score.
SIFE adviser Dr. Leroy Brady, leader of the Financial Literacy program on campus, joined DesAulnier and Peckham. Brady shared personal experiences with finances and answered student’s questions during and following the presentation.
City Professor Rodrigo Reyes, who teaches personal growth classes, expressed that his students really enjoyed the seminar and had a class discussion after the event.
“A lot of the students under 18 will regret not asking for credit cards before the new credit laws,” added Reyes.
The next Financial Literacy seminars are on March 23 and 25, and April 13 in room A121.
