Gail Vaz-Oxlade pointed out that a lot of folks who are supposed to be teaching kids about money don’t know the basics of their own financial situation. She sighted one important piece of information which is “How much does your credit card charge as an Interest Rate?”, which is a very important thing to know.
I thought about it, and realized, I don’t know this, but I am also not worried.
I pay off my credit cards, so they could easily be charging over 50% annual interest rate and it wouldn’t affect me (unless I forgot to make a payment, which I did once).
I am not having a go at Gail (far from it, I read her site every day), just pointing out that maybe the real statement should have been “What are the interest rates on the credit vehicles that you use?”, (and I do know the interest rates on my lines of credit, so I do pass that part of the test).
I also don’t really know my credit rating (another thing that Gail thinks we should all know), but then again, I don’t plan on making any large Credit Applications either, I think before you do that you need to know your rating, that is for sure.
Here is an excellent question, How Many Credit Cards do you have?. This is important because how would you know if one was being defrauded or stolen if you didn’t know about each and every one of them? You need to have a list of all your cards and maybe the phone numbers of where to call to CANCEL them quickly (or report them stolen).