Are you a savvy consumer? See if you know the answers to these three questions:

(1) Which of the following methods of payment gives you the most consumer protection?

(a)  Credit cards  
(b)  Cash
(c)  Checks

(2) How long will negative information that is accurate, such as late payments, remain on your credit report?

(a)  12 years
(b)  7 years
(c)  3 years

(3) You order something by mail and no delivery date is specified. In this case, when does federal law say it must be delivered by?  

(a)  30 days
(b)  14 days
(c)  10 days 

If you knew the answers to these questions, you probably have a solid grasp of consumer laws, rights and practices. (The correct answers are credit cards, 7 years and 30 days.) You also might have done well in an online competition for high school students called LifeSmarts, sponsored by the National Consumers League and supported by the Arizona Attorney General’s Office.

One of my top priorities is to provide information to Arizona citizens so they can protect themselves from becoming victims of scams. The LifeSmarts program provides an opportunity for young people to increase their knowledge of marketplace issues and show what they’ve learned by participating in an annual contest.  

Arizona’s winner this year is a team of home-schooled teens called the Flagstaff Home Educators. This week, I presented medals to members of the team and a plaque to their coach. In late April, they will represent Arizona at the national competition in Philadelphia. Since the Flagstaff contingent earned the second-highest score in the country in the state contest, it will rank among the favorites nationally.

This year more than 650 Arizona high school students signed up for the 2005-2006 LifeSmarts state competition. They participated with teams from Flagstaff, Payson, Phoenix, Queen Creek, Chino Valley and Kingman.  

Each year, Arizonans lose more than $200 million to scam artists, often because they do not recognize warning signals that they are being scammed. This is especially true among younger, less experienced consumers. LifeSmarts is an effective way to raise their marketplace IQs, making them less likely to become victims of financial fraud and more likely to spend their dollars wisely.

Good luck to the Flagstaff team in Philadelphia!

Terry Goddard