Welcome!

News Feed Item

Lack of Financial Education Leads to Debt

Consolidated Credit Helps Consumers to Expand Their Financial Knowledge During Financial Literacy Month

FORT LAUDERDALE, FL -- (Marketwired) -- 04/02/13 -- April is Financial Literacy Month and in an effort to promote financial education Consolidated Credit is offering a free 4-step guide to help consumers get started on improving their finances and being better prepared for the future.

Lack of education comes with a hefty price tag. Young people owe an average of $45,000, and credit card debt has been increasing steadily during the past five years. Although most individuals blame current economic conditions for debt among consumers, the lack of financial education is a pivotal reason behind financial instability and money problems.

Today 22 states require high school students to take economics courses and only 14 states are required to offer personal finance classes, according to the Council on Economic Education.

"Americans need to build a secure financial future, but they can't do so until they understand basic money concepts," said Howard Dvorkin, CPA and founder of ConsolidatedCredit.org. "During National Financial Literacy Month, we want to make sure consumers expand their financial knowledge and have access to reliable financial resources."

Dvorkin advises consumers to establish financial goals and pay off debt:

Create financial goals: Setting both short-term and long-term goals is a great way to stay motivated and achieve financial success. Short-term goals include saving for a six-month emergency fund or cutting spending throughout the year. Long-term goals require years of commitment; for example, paying down a mortgage or building a retirement fund. The trick to achieve long-term goals is to stay committed and expect challenges along the way.

Pay off debt: There are two strategies to pay off debt. One of the strategies consists of focusing on paying off the debt with the highest interest rate first. Once the debt is paid off, move on to the next one and so on. This method will eliminate interest rates quickly, reducing the amount owed. The second method is to pay the debt with the smallest balance first, while making minimum payments on all debts. As different debts are eliminated, consumers are motivated to keep paying off the rest of the balances until they are debt free.

Be ready for the unexpected: Unfortunately, bad things happen when they are least expected. An unexpected trip to the hospital or natural disaster can turn into a major financial problem if individuals don't have a safety net. Consumers should try to save six months' worth of expenses for emergencies. Use this calculator to determine how much money is needed for major emergencies.

Cut small expenses: It's crucial to understand that small purchases add up over time. Eliminating the morning coffee or bottled water from consumers' monthly budgets can save individuals hundreds in a year. Saving loose change and bringing lunch to work are also great strategies consumers can implement to reduce spending.

Read a book: There is no better way to celebrate National Financial Literacy Month than reading about personal finances. Consumers can check out various finance books at their local library or buy them used online. Before selecting a book, consumers should think about different financial topics that spark their interest. They can also choose a book based on what financial areas they need to learn and improve.

For more information on National Financial Literacy Month visit MyMoney.gov, ConsumerFinance.gov and the 1-888-MyMoney toll-free resource hotline.

For information in Spanish visit http://espanol.consolidatedcredit.org, http://www.facebook.com/ConsolidarCredito or call 1-888-647-2599.

About Consolidated Credit:

Consolidated Credit, founded in 1993, is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contact
Ines Mato
Toll-Free: 1.800.728.3632 x9339
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.