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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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Harriet Johnson Brackey, the personal finance writer for the Sun-Sentinel, has been an award-winning business...
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.
Posted by: Mark Wolfinger | September 15, 2009 10:32 PM