DAVID HARDEN

Pre-law student Rebecca Lobo Picon gives her credit card to John Finkelstein, co-owner of Landmark Clothing and Shoes, 876 E. University Blvd., yesterday. It is estimated that students are between $12,000 and $29,000 in debt at the time they graduate. The University of Arizona was awarded a $61,000 grant to go toward enhancing student awareness of credit-card debt.

Thursday October 11, 2001

$61,000 aimed at curbing college credit debt, teaching financial planning

The UA Students in Free Enterprise organization was awarded a $61,000 grant to enhance student awareness of credit-card debt and money management skills.

SIFE, in conjunction with Credit Counselors of America and the Southwest Retail Center for Education and Research, will sponsor free group credit counseling workshops and one-on-one peer counseling sessions to students and faculty beginning Monday.

The workshops will be conducted by Credit Wise Cats, a group of trained Universty of Arizona student credit counselors.

"The goal of the program is to provide University of Arizona students with the information they need to make intelligent decisions regarding their financial future," said Melinda Burke, assistant coordinator of the southwest retail center.

According to surveys conducted by Credit Counselors of America, undergraduate students are typically $12,000 in debt at graduation, and graduate students are $28,500 in debt at the time they complete their degrees.

CCOA studies claim 60 percent of college students have credit cards, with only 10 percent having received some sort of financial education before entering college.

"We can advise students to help them concentrate on adjusting their personal budgets to stay clear of debt," said James Tang-Mills, credit counselor and business freshman.

The workshops will consist of a computer presentation discussing the facts about credit along with an overview of a computer software program provided by CCOA called "Take Charge America." The software is designed to help students and faculty organize their finances in order to stay out of credit card debt.

"The (software) program will help with long-term organization of personal finances," said Ann Trakhman, assistant project coordinator of Credit Wise Cats, and a business and economics junior. "We want to teach students about money management by implementing the (Take Charge America) program in workshops at the UA and eventually the Tucson community."

Members of Credit Wise Cats said they first hope to schedule large workshops with major campus institutions.

"We're trying to attract larger groups (on campus) like within the greek system, in dorms, clubs and eventually in Tucson high schools," said Micah Eigler, program coordinator of Credit Wise Cats. "So when (students) enter college, they will already have an understanding of credit use."

The grant will also provide for funding of a university course taught through the UA's retailing and consumer sciences division.

Burke, who will teach the class in the spring, said the course will concentrate on consumer problems and personal finance management, and that retail students would have first priority for enrollment.

Credit Wise Cats can be reached for personal counseling sessions and workshops at creditwisecats@listserv.arizona.edu or at the SIFE office at 626-2042.