Young and in debt: a focus on prevention
Article Abstract:
An increasing number of young people are finding themselves mired in debt. A study by RAM Research Group found that only 18% of Americans have a basic knowledge of financial management principles. In addition to this lack of understanding about financial matters, the intensifying demand for instant justification is further trapping young ones into indebtedness. Given this trend, there is a need to stage public education campaigns. They should be taught that the use of credit requires not just developing a spending plan but also embracing self-discipline and personal responsibility. Educational tools and support should be provided to teachers and parents to enable them to teach personal finance to younger people. Aside form holding public awareness campaigns, partnering with local schools, parent organizations and consumer credit counseling services is another way to reach out to the youth.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1997
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The Merchants Research Council: service, research and education
Article Abstract:
The Merchants Research Council (MRC) was incorporated to provide retailers with current information on all aspects of consumer credit and as a vehicle for promoting consumer credit education. The MRC was established through the Illinois General Not-for-Profit Corporation Act on Jun 23, 1958 and since then has listed 60 companies as its members. The MRC conducts compliance seminars to keep members informed on current issues concerning all aspects of the retail sales of credit products and services. To promote credit awareness, the MRC provides various instructional and informative materials to all its members in the form of handbooks, reports, videos and special issue papers.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1992
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Financial education for consumers
Article Abstract:
New Jersey Commissioner of Banking Jeff Connor stressed the need for consumer credit education in testimony delivered before the Financial Institutions Committee of the New Jersey Assembly. Connor discussed the role of New Jersey's Department of Banking in addressing the problem of consumer financial illiteracy. The Department of Banking plan calls for the active marketing of personal finance education, the distribution of free educational materials by several non-profit groups, the establishment of a Speakers Bureau and the implementation of student savings programs.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1992
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