MasterCard Launch Program to Empower Consumers with the Tools to Manage Debt

Wednesday 27 April 2005 09:22 CET | News

MasterCard International will launch its Debt Know How program, a multi-year, consumer education program, designed to give consumers access to free, easy-to-understand tools to help manage their personal debt.

MasterCards announcement comes in conjunction with the companys participation in Financial Literacy Day on Capitol Hill. MasterCards Debt Know How program will consist of the following elements in 2005: - An interactive website containing free, easy-to-use tips and resources for consumers. - A national web-based Debt Know How seminar and local seminars around the U.S. - Partnerships with financial institutions, so that they may introduce the Debt Know How curriculum to their customers. - Partnerships with policymakers to ensure their constituents receive the Debt Know How information. As part of the Debt Know How program and Financial Literacy Day, MasterCard today also emphasized the following Smart Steps to Get Out of Debt: - ASSESS DEBT: Determine your total amount of debt. Consumers should compare their debt with their income and projected necessary spending. - SET A GOAL: Set a goal and prioritize your debt - for example, pay off debt in three years - and then break it into a series of smaller goals to help reach the ultimate finish line. - PAY MORE THAN THE MINIMUM: For credit card debt, understand how paying more than the minimum can be a critical first step in reaching your goals. - TRACK SPENDING: Keep diligent track of spending and consistently look for ways to reduce it. - UNDERSTAND INTEREST AND LATE FEES: Know what the late fees are on all of your debt. Try to avoid unnecessary fees, which only add to existing debt. MasterCard today also commended the U.S. House for the recent passage of H.Res. 148, which expresses Congressional support for the goals and ideals of financial literacy, designates April as financial literacy month and asks that President Bush issue a proclamation calling on federal, state and local governments to work with businesses and non-profit organizations to observe and promote Financial Literacy Month. While this program focuses on debt management, MasterCard will continue to offer financial literacy information designed to help young individuals develop good spending and saving habits. For example, the unique peer-to-peer MasterCard Are Your Credit Wise? program has just concluded its sixth year in operation and has now reached 50 college campuses across the U.S. and Canada.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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