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.
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Most landlord and tenant relationships are professional, if not amicable, and without incident. But when there is a problem, how should it be resolved? There are various remedies that can address a host of problems between landlords and tenants. Find some below. …Continue Reading Settling disputes with your landlord
Renting 101 posted on Aug 22
The concept of renting seems easy enough – find a place that meets your needs, agree with the landlord on price and length of lease, sign and make your payments. But you should understand the importance of your obligations as a tenant as well …Continue Reading Renting 101
Why Parents & Guardians of College Students Should Review Insurance Policies Before Move-In Day posted on Aug 17
The last week of August is when most students start heading to colleges and universities. While your focus is likely on your student’s move and making sure his or her living space is safe and comfortable, don’t forget to review your insurance coverage so …Continue Reading Why Parents & Guardians of College Students Should Review Insurance Policies Before Move-In Day