merican Fair Credit Council Announces Donation to Council for Economic Education
American Fair Credit Council Announces Donation to Council for Economic Education
PORT LAUDERDALE, Fla.–(BUSINESS WIRE)–The American Fair Credit Council (AFCC) today announced that the debt resolution industry contributed $75,000 to the Council for Economic Education (CEE) to honor Financial Literacy Month and the work of CEE. The contribution will help the organization in its mission to “equip K-12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities.” This donation is the first of its kind led by the AFCC, made possible through the help of its member companies that raised $50,000 for CEE, matched by $25,000 directly from the AFCC.
“Today’s youth are tomorrow’s leaders & consumers, and we want to do our part to ensure they have the skills needed to make educated financial decisions,” said AFCC Chairman of the Board, Dan Frazer. “The AFCC is proud to partner with CEE to expand this vital work to more locations across the country to benefit countless consumers and families.”
“We are thrilled to have the support of the AFCC during Financial Literacy Month and look forward to building a long-term partnership, “said Nan Morrison, CEE’s President and CEO. “The AFCC’s commitment to helping us educate the next generation of financially literate young people will ensure financial stability and economic mobility for them, their families, and their communities.”
Financial and economic literacy is a growing problem in the United States. According to CEE, only half of U.S. states require economics for graduation, and legislation to remove economics requirements has been proposed in several states. But there is progress being made by CEE and aligned entities – in 2000, only seven states required students to take personal finance, yet today, that number is up to 27.
Consumers without the benefit of some financial education are often left vulnerable and are likely to fall into debt. As illustrated by research on financial literacy programs, individuals who receive financial education are shown to have better credit scores and less outstanding debt.
The AFCC is examining the potential for expanding this work to ensure more Americans have the advantage of this knowledge to help them sidestep debt later in life and live financially stable lives.
About the American Fair Credit Council
The American Fair Credit Council (AFCC) is the national association of professional debt resolution companies. The AFCC and its member companies work on behalf of consumers struggling with the overwhelming burdens of unsecured debt to resolve those debts for less than their full balance. The AFCC has developed a strict Code of Conduct centered on “best practices” designed to protect the rights of consumers and requires member companies to follow stringent regulatory guidelines for operation. All AFCC members operate on a “No Advance Fee Model” and never charge a fee for services until a consumer’s debt has been successfully negotiated.
About the Council on Economic Education
The Council for Economic Education’s (CEE’s) mission is to equip K-12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities. We work to ensure financial and economic education is required for K-12 students throughout the U.S., connecting them to and ultimately strengthening the broader economy. Through CEE’s array of programs, resources, and trained educators, we bring this vital knowledge to over 4,000,000 K-12 students each year. In partnership with our 200 affiliates nationwide, we provide training and tools to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to students. Additionally, we deeply engage students through our competitions and career programs helping them build critical career capabilities – communication, collaboration, presentation and critical thinking skills.
Denise Dunckel, CEO, AFCC