The Bad Credit Hotel – An Interactive Game
The Department of Treasury and the Ad Council has recently created a campaign targeted to 18-24 year olds, to introduce them to "debt management and credit ". They’ve developed an interactive game by the name of "The Bad Credit Hotel ". I played it last night and there is some good information provided. The fact that it is interactive makes it more interesting; particularly for the age group they’re trying to reach.
A statement they sent to me said, "According to a study conducted by Sallie Mae, more than 50 percent of college students accumulate more than $5,000 in credit card debt while in school. Additionally, Capital One reported that only 10 percent of high schools in America teach financial management and 75 percent of graduating seniors do not understand basic investment principles.” Do you think we have a problem here? It’s no wonder our economic situation is unfolding as it is, with statistics like these.
Below are the key facts highlighted in the game for the participant:
1. Credit scoring is a system creditors use to help determine whether to give you credit, and how much to charge you for it.
2. Generally, all your credit history information, good or bad, remains on your report for seven years. If you file for personal bankruptcy, that fact remains on your credit report for 10 years.
3. Contact your creditors immediately if you are having trouble making ends meet, try to work out a modified payment plan that reduces your payments to a more manageable level.
4. Know who can and is checking your credit report.
5. Protect yourself. Get an annual free credit report here:
www.annualcreditreport.com
To give the game a try and pass it along to others you know, log on to
www.controlyourcredit.gov.
Let me know your thoughts about the game…. in your opinion, did it provide enough info as an introduction for our youth? 
Until next time, J.
"Take control of your destiny or someone else will"
October 16 2008 11:06 am | Misc Ranting, Retirement, Wealth Strategies
October 16th, 2008 at 12:17 pm
I did not play the game however, if it is hitting the younger generation, good for them. Now if the credit companies would practice what they preach and lower their interest rates, I might give them an “E” for effort.
Lindas last blog post..Air Car Update!
August 26th, 2009 at 9:13 pm
Debt is one of the most common and devastating things that people find themselves in life. It saps your energy and decreases your control over the future. Basically you are a slave to your debt literally and it has a way of winning out. People get into debt for all sorts of reasons
Barbara
debt advice´s last blog ..Are You Looking For Debt Help?
September 6th, 2010 at 10:00 am
The next benefit for debtors is always that most loan providers do not need any kind of credit score verify to qualify for your mortgage application. So long as you are utilized and paid a regular salary into your savings account, you are nearly certain to get the mortgage. Typically, the financial institution routing number, the account number as well as your societal security quantity are required when making use of for the loan. The info is stored confidential to steer clear of any 3rd party from comprehending your particulars.