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Our first financial literacy report to Congress


Today, we’re publishing our first financial literacy report to Congress. It discusses our approach to financial literacy and the work we’ve done to help consumers make better informed choices about their personal finances and achieve financial goals.

As Director Richard Cordray puts it in his introductory message, “Empowering people to take more control over their economic lives is absolutely essential to our mission. But consumers should not have to go it alone, without ready access to a trusted source of impartial and expert information about matters of consumer finance.”

Our approach to financial literacy is made up of three important principles:

Make sure people have the help they need, when they need it.

As one example, if you’ve got a question, we can steer you to some help right away. Ask CFPB provides unbiased answers to commonly asked questions we’ve heard from people like you.

Research and identify financial education methods that work.

Our research will help us form a basis for evaluating and designing financial education policies and programs, to be shared with other agencies and financial educators.

Collaborate with other groups to apply and fine-tune the best approaches.

We have conducted more than 300 stakeholder meetings to learn about what consumers need and to let them know what we have to offer. We talked with many groups, including faith-based organizations, organizations that serve minority populations, and financial education organizations.

We aim to help consumers as they face large life decisions, such as going to college and buying a home. We also aim to help with smaller decisions with large consequences, such as starting a habit of savings, managing debt, and passing along financial life skills to their children.

If you’ve been following our blog, you’ll probably recognize many of the accomplishments described in the report. But if you want to catch up, the report is a comprehensive resource.

  • Debt Suspension Rights

    Specifically speaking, why is there no distinction between an involuntary credit card default and a STRATEGIC or voluntary credit card default? Why are both sets of credit card defaulters treated identically by the courts? An involuntary credit card defaulter has had a major incident occur in their life that was beyond their control, whereas a strategic credit card defaulter simply wants out of their responsibility. Why do judges treat both sets of circumstances the same?

    Who was it that instructed judges that a “default is a default”. This is by far one of the most outrageous aspects of default litigation that I have found. ESPECIALLY when it is conjoined with the REAL FACT that credit card debt suspension insurance was granted monopolistic status by the Comptroller of the Currency back in 2002 which then reinforced a credit card debt suspension insurance premium overpricing structure of 10 to 20 times higher than the monthly premium charges should have been.

    Unaffordable monopolistic driven premium charges on credit card debt suspension insurance forces people into unnecessary credit card defaults because they simply won’t pay an outlandish amount for this “credit protection”. When do we start to talk about these REAL issues regarding credit card debt collectors, debt collection, and credit card defaults?

    When do we start to talk about the trillion dollars in consumer reparations that these subtle but horrible actions have caused americans since the year 2000?

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