Our view: Get Smart About Credit is wise program

A few statistics show just how fast credit can turn to quicksand.
   Almost a quarter of personal expenditures today are made with credit and debit cards, and the rate is rising.
   A typical credit card purchase ends up costing 112 percent more than if cash were used, according to bankrate.com.
   Just under half of American families spend more than they earn.
   The list goes on and on.
   In an effort to keep the next generation from walking off the cliff that others have, F&M Bank and Trust Company of Hannibal is sponsoring a program aimed at high school and college students.
   Get Smart About Credit gives young people the tools they need to wade what can at times be murky financial waters.
   The program is being offered in advance of next February’s implementation of the Credit Card Accountability and Disclosure Act, which will require people under age 21 to have a co-signor or prove they have financial means to repay a loan. Other new regulations on credit will affect the rest of us in July.
   Young people get tips on factors that can affect loans, how to establish and keep good credit, the dangers of overspending on credit cards and the results of a poor credit history. They also learn more about identity theft.
   Most important of all, they hear that making and keeping a budget is the best way they can avoid becoming a statistic.
   The recession has contributed to an increase in defaults on credit cards debt.
   Yes, F&M has a financial interest in teaching young people about credit because it wants them to have a checking or savings account someday.
   But it’s also good to know that the bank is willing to offer free advice even if its effort doesn’t attract a single customer.