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Managing Debt, Building Wealth Credit Education Program Announced

Washington, April 14---Six national organizations recently joined to provide a new credit education program to assist lay people within a community help others deal with debt-related financial concerns.

 The program -- "Managing Debt, Building Wealth Credit Education" -- is targeted toward the low-middle income, 25-40 age group, a diverse cross section of ethnic groups and written in various languages, says Robert White, a county agent on special assignment with the Alabama Cooperative Extension System. 

(Above: Representing various organizations taking part in the Managing Debt, Building Wealth Credit Education Program are, seated left to right, Anna Flores and Jane Schock of American Express and, standing left to right, Nancy Porter with USDA-CREES, Robert White with the Alabama Cooperative Extension System, Jane Schuchardt with USDA-CREES and Peggy Haney with American Express.)

Program materials emphasize: 

Setting specific financial goals 
Paying off debts quickly 
Deciding to save 
Getting expert help 
You can do it

 The program urges consumers to identify with the "you can do it" message, take control of their finances and contact their creditors and local credit counseling programs for personal assistance, says White. 

American Express developed a video, brochure and leader's guide for the program. The materials are informative but not intended to be a comprehensive, single-source guide to financial management. They primarily address basic concerns about credit use and encourage consumer action to reduce debt and more
effectively manage personal finances. 

The brochure reinforces the key messages and provides direction on how to find credible local assistance. It's available in English, Spanish and Chinese. 

The short video presents real-life stories of consumers illustrating how they faced debt management problems and succeeded. The video uses three English-speaking and three Spanish-speaking individuals and families.

The leaders guide in question and answer format, provides pointers to help those who don't do credit counseling routinely. It suggests how to talk with people who have financial problems and provides enough information for a short workshop. It also provides directions to local community resources for those consumers in need of more extensive help.

Employers, managers, members of the clergy, social service workers and administrators are often called upon for assistance with such matters. This credit education set is intended to support them in their efforts to help others help themselves. 

"High debt usually means low savings. If you're not able to save for short-term goals, your long-term goals are also at risk," says White. "It's important that people realize Social Security and employment pensions will provide only about two-thirds of their retirement income. The rest comes from personal financial planning. You have to save if you plan to invest., adds White. "Getting out of debt is a great way to start saving."

The partners for this program include the U.S. Department of Agriculture's Cooperative State Research Education and Extension Service, National Foundation for Consumer Credit, Neighborhood Reinvestment Coalition, Consumer Federation of America, American Express and Consumer Action.

SOURCE: ROBERT WHITE, Extension Agent Special Assignment, Alabama Cooperative Extension
System, (334) 844- 2235