Post Content

Undersecretary Barbara AnthonyPosted by:
Barbara Anthony, Undersecretary of the Office of Consumer Affairs and Business Regulation

 

 

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.

Summit and proc 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.

 

Written By:


Jayda Leder-Luis is the Communications Coordinator at the Office of Consumer Affairs & Business Regulation.

Recent Posts

First Time Homebuyers Prepare Themselves posted on Mar 13

Buying a home is one of the biggest purchases a consumer will ever make. Although buying and owning a home may seem daunting, prospective Massachusetts homeowners have a wealth of resources to prepare themselves. HUD-approved housing counseling agencies and Community Development Corporations around Massachusetts provide   …Continue Reading First Time Homebuyers Prepare Themselves

Subfreezing Temperatures Don’t Have to Freeze Your Bank Account posted on Jan 9

Subfreezing Temperatures Don’t Have to Freeze Your Bank Account

As the nation has endured subfreezing temperatures this week and consumers are putting their thermostats to work, it might be a good idea to check in and see how efficient your heating system is running. In Massachusetts, MassSave, a statewide program sponsored by Massachusetts energy companies,  supports   …Continue Reading Subfreezing Temperatures Don’t Have to Freeze Your Bank Account

Consumer Affairs Survey Finds Lower-Cost Options for College Textbooks posted on Aug 22

Consumer Affairs Survey Finds Lower-Cost Options for College Textbooks

It’s about that time that students will begin to flock back to the Boston area and move into their apartments and dorms.  As they prepare for classes, one of the more expensive purchases will be their course materials, including the very expensive textbooks.  According to   …Continue Reading Consumer Affairs Survey Finds Lower-Cost Options for College Textbooks