Click here to close now.

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
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Containers are changing the security landscape for software development and deployment. As with any security solutions, security approaches that work for developers, operations personnel and security professionals is a requirement. In his session at DevOps Summit, Kevin Gilpin, CTO and Co-Founder of Conjur, will discuss various security considerations for container-based infrastructure and related DevOps workflows.
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at th...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Malicious agents are moving faster than the speed of business. Even more worrisome, most companies are relying on legacy approaches to security that are no longer capable of meeting current threats. In the modern cloud, threat diversity is rapidly expanding, necessitating more sophisticated security protocols than those used in the past or in desktop environments. Yet companies are falling for cloud security myths that were truths at one time but have evolved out of existence.
The cloud has transformed how we think about software quality. Instead of preventing failures, we must focus on automatic recovery from failure. In other words, resilience trumps traditional quality measures. Continuous delivery models further squeeze traditional notions of quality. Remember the venerable project management Iron Triangle? Among time, scope, and cost, you can only fix two or quality will suffer. Only in today's DevOps world, continuous testing, integration, and deployment upend...
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
"We provide a web application framework for building really sophisticated web applications that run on a browser without any installation need so we get used for biotech, defense, and banking applications," noted Charles Kendrick, CTO and Chief Architect at Isomorphic Software, in this SYS-CON.tv interview at @DevOpsSummit (http://DevOpsSummit.SYS-CON.com), held June 9-11, 2015, at the Javits Center in New York
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...