Press Releases and Media Advisories

Sharpen Your Personal Finance Skills with Consumer Cents

Salt Lake City, UT – May 18, 2006 – This year consumer credit card debt has reached an all-time high of almost 806 billion dollars, according to the Federal Reserve. With all the recent attention on Americans' perceived need to accumulate debt, these numbers may not surprise you; but the root cause of all this mounting debt just might.

As consumer debt continues rising, the amount of personal financial education consumers receive decreases. Most people report they learned their money managing habits from their parents; however, a 2003 survey by FleetBoston reports that only 26% of parents with children aged 5 years or older feel they are prepared enough to tech their children about basic personal finance. With only seven states requiring any personal finance education in high school curriculum, the chances that children receive any such education before graduation are slim. In fact, only 12% of students in America graduate from high school having learned anything about money at all.

The bottom line is individuals just aren't learning the basic skills that are necessary to making informed decisions with their money which increases the likelihood that they will make mistakes and end up in a bind later. ConsumerCents™, a financial literacy education program developed by AAA Fair Credit Foundation, aims to change this by offering free educational materials to the public. ConsumerCents™ is designed to help individuals further understand their personal finances and how to manage them in their everyday lives. Topics include: Setting Financial Goals, Organizing Financial Records, Checking Accounts, Identity Theft, Holiday Spending, Car Buying, Bankruptcy, and Debt-to-Income Ratios. New topics will be added periodically.

All educational topics are available to download online at www.consumercents.com. Printed versions of each topic may also be requested from the website. Each topic can easily be read in 5-10 minutes and kept on hand for quick reference when needed. These easy to understand and readily accessible booklets are not only great for individual use but also for group activities. Individuals are encouraged to visit the website often and download the materials available as many times as they like.

AAA Fair Credit Foundation is a non-profit personal financial education and consumer credit counseling organization assisting individuals and families experiencing financial distress in restoring financial balance by providing customized counseling services tailored to meet their specific needs and circumstances. To obtain free advice from certified counselors, call 800-351-4195 or visit www.faircredit.org.

Press Contact:
Jennifer Rohn
Public Relations Manager
800-351-4195 ext. 301
jenniferr@faircredit.org