Best Credit Card Offers specially for you

About Us  |  Contact Us  |  Articles  |  News  |  Tips  |   Tools
ADVERTISER DISCLOSURE
RequestCredit.com is an independent, advertising-supported web site which is compensated by the credit card issuers whose offers appear on the site. This compensation may impacts how and where the credit products appear on our site, including, the order in which they may appear within credit product lists. RequestCredit.com does not review or offer all available credit products.

Credit Education Program Reaches Over 30,000 People

[Sunday, October 26th, 2014]

In its first year, the National Foundation for Credit Counseling (NFCC)helped more than 30,000 people take control of their debts and move toward their goals of financial success and stability.

In September 2013, the NFCC launched Sharpen Your Financial Focus, in partnership with Bank of America, Chase, Synchrony Financial and Wells Fargo. The program was designed to reach consumers in financial distress and give them resources to begin to deal with debts, learn financially sound practices, and improve their financial situations.

The program operates in three steps: a financial “stress test,” called “My Money Checkup,” to assess where people are in their financial lives, a review with an NFCC-approved financial professional, and an educational plan specially designed for their circumstances.

Average participants were single women

NFCC data showed that the average Sharpen Your Financial Focus client was an unmarried, white female in her forties. Most of them came from small households, and about two-thirds of them had some education beyond high school.

The common denominator for all the program participants was that they were in some level of financial distress. Many of them had no savings, and their debts outweighed their assets. The average person in the program was trying to pay down debt, could not regularly contribute to savings, and did not make or stick to budgets.

Retirement savings and income were main concerns

Many of the participants in the program did not have retirement savings sufficient to allow them to stop working at regular retirement age, and some had no retirement savings at all.

Others had seen their income decline, usually because of job loss. Sixty-nine percent of participants reported that reduced income was driving their financial distress. Another 30% said that their expenses were up because of medical debts or high interest rates.

Program effectiveness

Initial surveys showed that two-thirds of participating households said that the program had helped them manage their money more effectively. Two-thirds also said that they felt more confident about their finances, and their ability to set goals around their money. And almost 75% said they were making payments on debts in a more consistent manner since completing the program.

The senior director of financial education programs at the NFCC, Rhonda Ashburn, said that the program had a successful first year. “Personal finance can be challenging, particularly if life has presented you with a financial curve ball,” said Ashburn.

Read also

The Average Credit Score in the U.S. Reaches Its Peak
[September 13th, 2019]

FICO, or Fair Isaac Corporation, is a data analytics company best known for its credit scoring model. As the FICO’s official website says, the FICO® Score is currently used by 90 of the top 100 largest U.S. lending institutions.

Continue reading ››

New Marriott Bonvoy Bold Credit Card VS Marriott Bonvoy Boundless Credit Card
[June 21st, 2019]

A short time ago, the largest world hotel chain – Marriott International together with Chase Bank have pleased their customers with a new hotel credit card – the Marriott Bonvoy Bold™ Credit Card. Marriott loyal fans are most likely aware that the Bold card is not the first Marriott and Chase joint credit card. Their first co-branded card is the Marriott Bonvoy Boundless™

Continue reading ››

New Apple Card Coming Soon
[April 3rd, 2019]

There is already a Barclaycard Visa with Apple Rewards credit card, Apple Cash card, and recently Apple announced a new card – Apple Card. It is an innovative credit card that will be available in the U.S. this summer.

Continue reading ››
Copyright © 2003-2019 RequestCredit.com. All Rights Reserved
RequestCredit.com strives to keep credit card information up to date and accurate. However, all the credit card information is presented without warranty and can be changed by the credit card issuers at any time. Click the "Apply online" button to see the online credit card application and to review current credit card terms and conditions. Note that RequestCredit.com can be compensated by credit card issuers when the visitors apply for a credit card through the website.
* The RequestCredit.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. RequestCredit.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the RequestCredit.com website are property of their respective owners.
Information in these articles is brought to you by RequestCredit.com Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
Disclosure: Not an access card.