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FINANCIAL LITERACY MONTH AND NATIONAL CREDIT EDUCATION WEEK URGES CONSUMERS TO FOCUS ON THEIR FINANCIAL HEALTH
Farmington Hills, Mich. April 15, 2004 ? The week of April 19 is National Credit Education Week and the entire month of April was recently designated as Financial Literacy Month, which serves as a reminder that it's important to periodically evaluate your personal finances.
"This is a good time for consumers to take a hard look at their finances to see if they are on track to meet their financial goals for the year," said Jane McNamara, president and CEO of GreenPath Debt Solutions. "Consumers who haven't made much progress and those who are struggling with debt should consider seeking money management advice through a reputable credit counseling agency that will work with all of your debt ? including mortgage, utilities and auto loans."
Federal government officials are also encouraging consumers to develop sound financial planning skills that will lead to a solid financial future. On March 9, 2004, the US Senate passed Senate Resolution 316, designating April 2004 as "Financial Literacy Month." The resolution serves as a proclamation that calls for the federal government, states, localities, schools, nonprofit organizations, businesses, other entities, and the American people to observe the month with appropriate programs and activities that advance the financial wellness of all consumers.
During National Credit Education Week, GreenPath staff will meet in Washington, DC with US Senate and House representatives to advocate for financial literary programs and industry standards that help protect area consumers who seek credit counseling services.
"When seeking credit counseling services, consumers should seek services through an accredited, reputable nonprofit agency that offers personalized services that include extensive reviews of a consumers' income, expenses and spending habits," said McNamara. "It's not enough to find agencies that will help you get out of debt ? consumers should seek services that offer financial education sessions that help individuals develop better financial management skills. Good money management skills can help consumers stay out of deep debt in the future."
GreenPath offers the following guidelines to help consumers identify agencies that are operating in the best interest of consumers. Persons in need of financial management assistance should consider the following when choosing credit counseling services:
· Select a nonprofit, community-based agency with a history of good customer service.
· Agency fees should be clearly disclosed in advance of services, and services should be either low cost and in some cases free.
· Look for organizations that provide customized solutions based on your personal situation. A good credit counseling service provides true counseling and assessment.
· Seek services through an agency that is a member of a nonprofit umbrella organization, such as the National Foundation for Credit Counseling (NFCC).
· The longer the company has been in business, the better. Many of the unreputable organizations have popped up over the last five years or so.
· Look for agencies whose services are administered by counselors certified and trained in basic money management services, not telemarketers whose only goal is to sign consumers up for a debt payment plan.
· A reputable organization pays your creditors within one or two days of receiving your cleared deposit. Avoid credit counseling companies that hold onto your funds for up to 30 days before paying your creditors each month.
· Check with your local Better Business Bureau or State Attorney General's office to find out if there are unresolved consumer complaints against an agency.
· Seek services through an agency that offers consumers a choice of services (financial management advice, financial education programs and debt management services) that can be accessed through a local office and by telephone.
Established in 1961, GreenPath Debt Solutions is also known as Consumer Credit Counseling Service. The non-profit company provides customer-focused debt management solutions and financial education programs, enabling people to enjoy a better quality of life. GreenPath is fully accredited by the Council on Accreditation and is a member of the NFCC. For more information, visit GreenPath's web site at www.greenpath.com or call 866-648-8122.
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