Money Worries? Get A.C.T.IVE

ABA Education Foundation's Get Smart about Credit Program Motivates Consumers

WASHINGTON, Oct. 8 /PRNewswire-USNewswire/ -- To help consumers combat feelings of powerlessness common during an economic crisis, the ABA Education Foundation is encouraging consumers to stay A.C.T.IVE by taking the A.C.T. Credit Pledge.

The A.C.T. Credit Pledge is part of the Get Smart About Credit program and calls on consumers to:

A- Assess your debt by using your credit report to find out how much you owe. Often consumers, forgetting to include student and car loans, owe more than they thought. Your credit report will give you the exact amount.

C- Check your credit report for errors. If you find errors, contact the credit reporting agency and request a correction. With lending standards tightening, consumers will need to have a good to excellent credit score to get a loan.

T- Take the information and create a plan. Set up a budget along with a payment plan to help pay down debt. Consider increasing payments to lower debt faster and avoid financing charges.

"During tough economic, those with the most debt buckle first," explains Laura Fisher, ABA Education Foundation director. "Address your fears head on by taking a look at your debt level and credit habits. The A.C.T. Credit Pledge is a move out of neutral into drive."

Consumers can download and sign the A.C.T. Credit Pledge as a physical symbol of their commitment. The new pledge is part of the Get Smart About Credit program, which includes the annual Get Smart About Credit Day, to be held this year on Oct. 16. An estimated 90,000 young people will learn the dos and don'ts of credit when thousands of bankers visit classrooms across the country.

Declaring that now is the time for financial literacy, Fisher added that even in a healthy economy, people without personal finance skills often idle in neutral.

For financial tips, information on Get Smart About Credit and a list of participating banks, visit www.getsmartaboutcredit.com.

Editor's Note: Download A.C.T. Credit Pledge at: http://www.aba.com/ABAEF/A.C.T.CreditPledge.htm and access Get Smart About Credit Press Kit at: http://www.aba.com/ABAEF/GSACPressKit.htm.