Ghosts of past credit choices don’t have to haunt the future
Haunted by the ghosts of past credit decisions? You can make better financial decisions today that will ensure a brighter future tomorrow.
That’s the holiday message from Peoples Bank & Trust Co. in Edmond.
“We can help people who’ve made past credit mistakes, the most common is credit cards at a young age,” said Chief Lending Officer Travis Rogers. “One step would be to work with a Peoples Bank loan officer to help educate you on what lending products can help increase your credit score.”
Chief Operating Officer Jared Wise offered specific advice to younger patrons, cautioning that mismanaging money at a young age can have long-term consequences. The Consumer Financial Protection Bureau’s offers this perspective on the need for young people to be financially educated: “Developing financial knowledge, skills, and habits is an important stepping stone on young people’s path to adult financial well-being.”
Peoples Bank’s online Education Corner, provides information from the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) for tips for parents to speak with their kids about finances.
Wise’s recommendation is to check your credit report at least once a year.
Each of the three major consumer reporting companies — Equifax, Experian and TransUnion — are required to provide a free credit report every 12 months. The request may be made from AnnualCreditReport.com.
“It is important that parents talk to their kids about finances” Wise said. “We all want our kids to be more successful than us, and the easiest way to help is to teach them about your financial mistakes”
Once the past credit problems have been addressed, taking care of the present is key, and Peoples Bank is ready to make sure that isn’t a ghostly experience.
“Our thinking and approach are aligned with the CFPB’s effective financial education principles,” Rogers said. The five principles are:
• Know the individuals and families to be served.
• Provide actionable, relevant, and timely information.
• Improve key financial skills.
• Build on motivation.
• Make it easy to make good decisions and follow-through.
“Budgeting is one key to sound financial planning, and our Online Banking product has an excellent budgeting tool,” Wise said.
Peoples Bank’s Online Banking provides these features for financial planning: Budget spending; track spending; work toward financial goals; find out net worth; add other accounts and track spending all through one login; get a personal financial statement at the click of a button
Once the potential ghosts haunting past and present day financial concerns have been dealt with, Peoples Bank is prepared to help ensure a sound financial future. Among retirement savings options are CDs, IRAs and interestbearing accounts.
“CDs allow you to earn steady interest at a higher rate than savings accounts for a period of time you decide with little to no risk,” Wise said. All CD accounts come with online and mobile app access. The balance is insured up to FDIC applicable limits.
“An IRA can be a great supplement to your current 401(k) with your employer. Having an IRA along with a 401(k) is a great start for retirement,” Wise said. “We also have an Elite Checking account, which features a high yield interest account, with the same features as an everyday checking account.”
“Elite Checking, is a great account to earn interest, without jumping through a bunch of hoops,” Wise said. “All you need is one automatic payment or deposit, with a minimum of $500 per statement cycle and you’re all set!”
Peoples Bank & Trust Co. was begun in 1906 by M.H. Barrett Sr. in Ryan, Oklahoma. Now, more than 110 years later, the bank is still owned and operated by the Barrett family — Kay Barrett Branson and her son Ben Branson, who also serves as president, CEO, and chairman of the board.
If you want a bank that will work with you to clean up the financial ghosts from your financial life, Peoples Bank & Trust Co. of Edmond is your bank. For more information, call 405531-9420, visit Peoples Bank at 2400 NW 178th St. in Edmond, or go to www.PeoplesBankUSA. com.
This article is sponsored by Peoples Bank & Trust of Edmond.