ANN
ARBOR—Every year Americans pay $100 billion in interest on over $800
billion in credit card debt. To combat this skyrocketing debt, which is
caused in large part by predatory lending practices, PIRGIM is
releasing "Master Your Money: A How-To Guide for Financial Stability."
This guidebook educates consumers on how to budget, find affordable
banks and credit card companies, and avoid predatory loans in order to
get out of debt.
“With
financial institutions preying on those with the least resources, now
more than ever it’s important that Michigan’s consumers are armed with
good information and practical tools to reduce fees and stay out of
debt,” said David Pettit, Consumer Associate for PIRGIM. “This free
guide provides valuable information on how to manage your finances so
that banks and credit card companies don’t take advantage of you.”
In
addition to tips on how to minimize bank fees and pick the right credit
card, Master Your Money provides information on how to access your free
annual credit report. Unfortunately, most credit reports contain
serious mistakes that can increase interest rates on loans and even get
you turned down for a loan in the first place. The guide teaches
consumers what to look for on their report and how to correct any
errors.
“Checking
your credit report not only allows you to see if there are mistakes,
but is a surefire way to stop identity theft,” Pettit stated. “If you
haven’t checked your credit report this year, you need this guide.”
The
guide not only contains lessons for consumers, but also recommendations
for legislators. Ideas for new laws can be found throughout the guide
along with examples of unfair fees and interest rates such as payday
loans that should be addressed by state representatives. It also calls
for consumers to be given the ability to freeze their credit report in
order to prevent identity theft. The guide can be found online at
www.pirgim.org, and is currently being distributed through local
government and nonprofit organizations in Jackson, Kalamazoo and
throughout the state.
“Mastering
Your Money provides sound advice without the gimmicks,” Pettit
explains. “Anyone looking to get a better understanding of banking and
budgeting will profoundly benefit from this guide.”
