(NAPSI)—Ask many teens what they want to buy and chances are they will say “a car.” For many people, owning a car or truck is the first major purchase. Often, it is also the first opportunity to use credit. At the same time, the largest group to drive uninsured or to lose their vehicle through repossession for nonpayment are young men in their late teens or early 20s. Once a default hits a credit report, it can take nearly a decade to bring a credit score back up.
“When young adults run into financial problems, it’s usually due to a lack of understanding of how loans and credit work, and not a desire to act irresponsibly,” said Jack Kosakowski, president and CEO of Junior Achievement USA, the world’s leading nonprofit economic education organization for young people. “That’s why it’s important to educate teens about these concepts instead of putting them in a position to learn through trial and error.”
To help teens make informed choices about their financial futures, from buying a car to paying for college, Junior Achievement has launched JA My Way at JAMyWay.org, a free, interactive online resource that provides valuable information on how money works.
The site provides engaging activities, information and tools that help users better understand the various costs associated not only with buying a car, but with its upkeep. The site also has calculators to figure out college costs. It has budgeting tools and it even walks teens through filling out a 1040EZ form.
Beyond financial management, the site also has resources to help teens learn how to find the right career, start a business or write a résumé.
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For further information, visit www.JAMyWay.org.
On the Net:North American Precis Syndicate, Inc.(NAPSI)