Credit Union "Deposits" Real-World Financial Tips into High School Classroom

Community Trust Credit Union Provides Warren H.S. Students With Keys to Personal Financial Success

(Gurnee, IL May 14, 2007) Personal finance is confusing for adults to manage. So just imagine what it must be like for high school students. Representatives of Community Trust Credit Union (which has branches in Gurnee and Grayslake) recently provided eight classes of Warren High School juniors and seniors (250+ students) with interesting and useful information about today's financial realities, and what they need to do to prepare for the future. Among the topics addressed by Community Trust's President/CEO Madeline Lipka, Chief Administrative Officer Lynne Timmerman and Chief Financial Officer Carol Analla were:

• What is a Credit Union, and how is it similar (and different) from a Bank
• The importance of having and managing a Checking Account
• The Pros & Cons of Credit Cards
• Why building Credit is essential; and how to build it through responsible credit card management
• How to keep your credit clean and protect yourself from ID Theft
• Understanding a Credit Score and Credit Report
• Budgeting to make the most of your money now and in the future

"Budgeting was the most talked about part of our presentations because teens had no idea how much of their future income will go to taxes and other living expenses...and how little they can allocate for discretionary spending like casual clothing, dining out and buying CDs/DVDs," said Lynne Timmerman, Community Trust's Chief Administrative Officer.

Timmerman explained that during the budget exercise they gave the Warren H.S. students a "virtual salary" of $36,000 and asked them to consider all of the expenses they will encounter as a working adult on their own, i.e. taxes, rent, auto loan, gas, auto & health insurance, food, fun, utilities, Cable/Internet access, etc. "The discussion opened peoples' eyes and generated a lot of conversation about ways that young adults can cut back, save more, and avoid running up unmanageable credit card debt," she added.

"Consumer education is a key part of our curriculum and a required class for graduation, but we can only present teens with the information and hope it sinks in," said Warren High School's Lead Social Studies Teacher Sean Mahoney. "So it's great for our students to hear contemporary messages about fiscal responsibility from the real-world financial experts at Community Trust Credit Union." Mahoney said it helps that the credit union maintains a small, part-time branch within the school. "Several of our kids have a Community Trust account through our in-school credit union program, and others hear good things about the credit union through the grapevine. Everything they do demonstrates their concern for young peoples' well-being, and that's what kids respond to," he concluded.

For more information about Community Trust's community involvement, call (847) 662-2050.