Build your skills by doing these exercises on your own
Do you have one or more credit cards? If so, carefully review the last two months of your credit card bills. Did you incur any late charges? Do you have an unpaid balance? What is the annual percentage rate you are being charged? Compare that to the current rate of interest on a 30-day treasury bill. (Try www.bloomberg.com for that information).
If you do not have a credit card, go to the Internet and shop the various kinds of cards available at companies like MasterCard, Visa, and American Express. Look carefully at the terms and conditions. Is there an annual fee associated with the card? If you decide to get a credit card, be careful to limit yourself to only one card – otherwise, you will hurt your credit score (as discussed in the next lesson).
If you do not have a savings and checking account, make a personal visit to at least one bank and one credit union and explain to them that you are considering opening accounts. Gather information on what the fees charged might be, the interest rate offered on deposits, and whether you could obtain a debit and credit card with the account. We are not encouraging you to go out and get such cards – that’s your choice. But you would be well-served by knowing your options.
If you already have a savings and checking account but don't have a debit or credit card, visit your bank and ask to talk to a representative about your options.