Last Friday, Housing and Economic Development Secretary Greg Bialecki and I participated in the Financial Education Summit at the Federal Reserve Bank, meeting with a great group of people dedicated to creating smarter consumers who are better aware of money matters.
Information is power, particularly when it comes to handling money and making smart decisions for your family. The Summit on Friday kicked off Financial Education Month in Massachusetts, and I was able to discuss some of the programs and initiatives we operate that deliver necessary information to consumers. (In the photo right are David Floreen of the Massachusetts Bankers Association, Susanne Cameron of Citi, Kathleen Tullberg of the Massachusetts Community & Banking Council, and Margaret Miley of the Midas Collaborative as I present the Governor’s Proclamation announcing Financial Education Month.)
In recent years, our foreclosure prevention efforts have given 3,500 people the opportunity to meet one-on-one with lenders, helped another 1,350 win stays of foreclosure, and have provided nearly $4 million in foreclosure education and prevent grants to regional counseling agencies. Additionally, in August Governor Patrick signed legislation that further helps homeowners by extending the right-to-cure period from 90 to 150 days.
Our Division of Banks and banking organizations maintain a low-cost checking and savings account program that encourages people to open an account. A recent Division of Banks report found the fees associated with check-cashing entities can be significantly more than a basic checking account, and using check cashers does not help create the long-term benefits of more and stronger financial services that can come from having a checking account.
Additionally, last month our office announced the second year of Project Credit Smarts, which brings credit and debt education to college students around the state. When we talk about getting information to consumers, we do it with the hopes that they make good decisions in the long run. As we found with Project Credit Smarts, students often learn lessons the hard way. Watch the video below as Andrea Craddy of Springfield Technical Community College and Ben Davis of UMass-Amherst both discuss dropping out of school because of debt issues.
Purchasing a vehicle this President’s Day? Here’s how Massachusetts law protects car-buyers posted on Feb 9
President’s Day is synonymous with nationwide car deals. Dealership car sales increase by about 25 percent during this holiday weekend, according to Ray Zhou, a senior analyst for car shopping website Edmunds.com. If you choose to take advantage of reduced prices and purchase a …Continue Reading Purchasing a vehicle this President’s Day? Here’s how Massachusetts law protects car-buyers
How skimmers are getting away with theft at the gas pump posted on Jan 29
Skimming is the latest trend to reach into consumer’s pockets around the United States. Here’s some information that anyone using a credit or debit card at ATMs and gas pumps need to know. What is Skimming: Skimming refers to the theft of credit and …Continue Reading How skimmers are getting away with theft at the gas pump
Home Heating Oil Delivery: Are you getting what you pay for? posted on Jan 20
How are the roads this morning? Is the T running on time? Will school be cancelled again today? Winter comes with enough worries. So wondering if you’re getting a fair deal on your home heating oil shouldn’t be one of them. That’s where the …Continue Reading Home Heating Oil Delivery: Are you getting what you pay for?