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
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
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, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...