It's Your Money

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Twice as many need people head to credit counseling


While I don't pretend that widespread financial literacy would have prevented our economic difficulties, I am certain that fewer consumers would be in such deep trouble if more Americans had the knowledge they need to properly evaluate offers and make solid financial decisions. If more Americans were financially literate, fewer Americans would be struggling today with debts that they are unable to repay.

-Susan C. Keating, president and chief executive officer, National Foundation for Credit Counseling, speech during NFCC annual conference in Washington, D.C., Sept. 14.

NFCC members counseled 3.2 million people last year, more than double the figure in 2006.
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Comments

There's one problem with that argument. When people seek out professionals (real estate agent, mortgage broker, financial planner, banker) they tend to take the advice of those pros.

That's the problem. The pros are not sufficiently honest or financially literate. My question is: Will most people trust their own judgment over that of the pro? My answer is sadly, NO.


I am glad I found such an useful blog. Great information here, thanks.


This was very informative. I have been reading your blog a lot over the past few days and it has earned a place in my bookmarks.


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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