I have to admit when I first heard the word "blog" a few years ago; I thought it had to do with cranberries. You know, like in cranberry bog - how they farm cranberries. I was wrong.

I decided to blog not because I wanted to be "hip" or "cool" or "bad", whatever the "it" word is today. Rather I thought it would be a good way to communicate with our members about things beyond our normal loan specials. Things like life stuff - like how to give financial advice for your teen. That came to the forefront of my world, because - my daughter left home for college this summer. I still tear up.

In anticipation of her leaving I have been trying to impart words of wisdom to her on many matters for months. Regarding financial matters, I was alarmed when at the age of 18 she started to receive unsolicited and dangerous credit card offers from some of the biggest names in the industry. These cards are dangerous because they trap unsuspecting and naive young adults in a cycle of debt that can be almost impossible to extricate themselves from. They usually entice you with a reasonable interest rate, but that rate often rockets into the range of 20% - 30% on a missed payment, plus outrageous fees for common mistakes like exceeding the credit card limit.

So although my daughter ignores me on many things, she has been pretty good about financial matters. Some of that advice is to:

• Read those credit card offers - Read that disclosure on the back - what is the late fee? Is the interest rate fixed or variable? How often does the rate change? How much will my interest rate cost me if I am late on a payment? How much does it cost to get a cash advance? Why didn't I listen to my parents and get a credit card at MariSol! They don't charge a higher rate for late payments and they don't charge additional fees or an increased rate for cash advances. Plus their rates are great! (Gotta plug our product!)
• Debit cards are better than credit cards - You do need a credit card to build a credit rating. But for day to day living, debit cards are better. Why? The money comes directly from your account so you do not spend money you do not have.
• ATM's can be expensive - Plan for the cash you need. If you use an ATM machine from a bank they will charge you $2.00 a transaction if it is not their ATM/Debit card. Bank of America is increasing their ATM surcharge fee to $3.00. (Isn't that sweet of B of A). If you have a MariSol ATAM/Debit card, then you can use most Arizona credit union's ATM's for free. That is right; most Arizona credit unions do not charge each other for usage of their ATM machine. You can also use that Debit card at the grocery store or most retail store and get cash. That is also free. Think before you just "hit" the ATM machine.
• Beware of easy credit - Just because someone is willing to extend credit does not mean that you can afford it. If you apply at MariSol, we are going to give you a fair decision. If we deny your credit application, we will give you guidance on how to improve your credit so that you can be approved in the future. It takes a long time to repair past credit mistakes, the best way to avoid that is to use credit wisely and pay your bills on time.