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Young Person’s Guide to Finance 

Maine’s Bureau of Consumer Credit Protection has released a new publication, “The Downeaster Common Sense Guide: On the Money – A Young Person’s Guide to Personal Finance.” The new, nearly 50 page booklet is online at www.Credit.Maine.gov.  Free printed copies are available to Maine residents by calling 1-800-332-8529.

Bureau Principal Examiner David Leach, who coauthored the guide, says it will help people become more “situationally-aware” when facing major decisions or making key choices about their finances, including:

·         The financing of a vehicle or student loans
·         Establishing and maintaining credit responsibly
·         The significance of credit reports and credit scores
·         The fundamentals of purchasing stocks, bonds, mutual funds and other investments
·         Comparison-shopping for the lowest annual percentage rate (APR) when using credit
·         The basics of auto, home, life and health insurance
·         Realizing that credit cards do not represent “free money,” and that charges and cash advances must be paid back, with interest
·         Avoiding too-good-to-be-true fraudulent offers, such as foreign lottery winnings, no-interest loans, or no-risk investments