Financial literacy will pay off for city students, controller says

Philadelphia’s city controller will be spending some time this year to teach city kids how to handle their money — and their debts. 

Controller Alan Butkovitz admitted that he had some issues with paying his debts as a young graduate.

“I came out during a recession in the late ’70s. It was hard to get a job, and some of my bills languished,” he said. “We always paid the rent on the first of the month, not necessarily the car payment.”

Skipping those payments can haunt you for a long time, Butkovitz said.

“It takes seven years for information on your credit report to expire, so it pays to tighten your belt and do something that might be tough this year,” he said. “If you are going to do something in the next seven years, like apply for a mortgage, they are going to be looking back seven years.”

Almost 90 city schools will receive a visit from the controller’s financial literacy program this year.