Third Annual Women’s Money Matters Workshop

Fed Community Affairs staff members take part in a skit about money scams, identity theft and using credit wisely. From left to right: Ellen Eubank, Cynthia Davis, Jean Morisseau-Kuni and Glenda Wilson

Women from Jefferson and Franklin counties just south of St. Louis learned about women’s money matters during a recent workshop that included fun, food and a fashion show.

The workshop focused on credit and identity theft.

Although credit cards and other types of loans can get us into a world of trouble, credit in itself is not a bad thing, Deborah Williams of Premier Educational Services told the audience.

Credit, if used wisely, can help build a financially healthy future. It’s not credit that’s bad, but too much debt, Williams said. “Having good credit and very low debt is good,” she said. “They go hand in hand. Even if you pay bills regularly, you could have a low credit score if your debt is too high.”

Williams had some tips for using credit cards: pay the balance in full each month; only use a credit card to build good credit and in emergencies; and never exceed more than half of the available credit on a card because credit-scoring companies will consider that too much debt.

Williams advises everyone to check their credit reports annually to ensure they are accurate. Married couples need three reports: the husband’s, the wife’s and the couple’s, she said.

In the end, let common sense prevail, she said. “Don’t stress out over your credit score. If you keep your debt low and pay bills on time, your credit score will take care of itself,” Williams said.

Another speaker told the women at the program how to protect their money. Suzanne Gellman, family financial education specialist at the University of Missouri Extension, emphasized the importance of preventing identity theft.

Identity theft occurs when someone obtains and illegally uses someone else’s personal information to make purchases with credit cards, obtain loans, drain bank accounts and even get medical care.

Gellman said the following events could be warning signs that someone has stolen your identity:

• Monthly bills or statements don’t arrive on time.
• Unfamiliar charges appear on bills.
• Credit is denied for unknown reasons.
• Collection notices or bills arrive from companies you don’t patronize.

Ways to minimize risk include:

• protecting your Social Security number;
• paying attention to billing cycles;
• guarding incoming and outgoing mail;
• shredding pre-approved offers, old bills, bank statements and other papers with personal information; and
• checking credit reports annually.

The fashion show at the Women’s Money Matters program was presented by Connections to Success, a nonprofit organization that helps low-income women achieve economic independence. The show featured clothes from discount and resale shops.