UpDate - Vol. 14, No. 6, Page 4
October 6, 1994
Panel of experts to discuss the bottom line of credit

     Everything You Wanted to Know about Credit and Were Afraid to
Ask" is the subject of a panel discussion to be held from 7 p.m.-   9
p.m., Wednesday, Oct. 19, in 128 Clayton Hall.
     The free, public program is co-sponsored by the Delaware Council
on Economic Education and Consumer Credit Counseling Service.
     According to James O'Neill, UD Center for Economic Education, it
is essential in today's financial world that consumers, including
students, be informed about this vital topic that relates directly to
their lives.
     The discussion will cover the dos and don'ts of credit and the
ins and outs of credit rating, budgeting and bankruptcy.
     "For this program, we have gathered a group of knowledgable and
articulate speakers who will cover topics about credit that are of
concern to everyone, and all are invited and encouraged to attend,"
O'Neill said.
     The panelists are:
        * John Gengler, education/ marketing director, Consumer Credit
          Counseling Service, who will discuss managing credit and
          explain the free services provided by the non-profit company
          in terms of public education and individual counseling;
        * Thomas Dibble, vice president of MBNA America, who will
          describe the procedures for applying for and receiving
          approval for credit;
        * Rick Barr of Equifax Credit Representative Services, who
          will talk about what credit bureaus do, how to protect
          credit ratings and the problems of a poor credit rating; and
        * Neal Phillips, assistant professor of accounting, who will
          cover bankruptcy and its ramifications.
     O'Neill will moderate the discussion.
     Gengler said that the mission of his company is to educate the
public and to make individual counseling available when needed.
     "Credit is being extended to those as young as high school
students, and it is crucial that everyone, especially young people
starting out, know how to care for credit, how to budget, the
importance of a good credit rating, the consequences of a poor credit
rating and how to avoid credit scams," Gengler said.
     Managing money and credit is a lifetime skill involving decision
making, and one of the foundations of successful financial management
is compounding, according to Gengler. "Essentially, this involves
saving and and acquiring or compounding money, and it is never too
soon to start. Research has shown that teenagers have a large amount
of disposable income, and part of this should be saved on a regular
basis.
     "Although it is a simple concept, it is surprising how many
people do not save consistently but live continually on credit,
sometimes having as many as 50 credit cards.
     "Those who have established the compounding habit are usually
secure financially and rarely have credit problems later, unless faced
with something like a catastrophic event or illness," he said.
     For further information, call the center at 831-2559.
                                                   -Sue Swyers Moncure