Today, we can shop for a car, open a checking account, pay bills or buy a gift with a credit card just by clicking on the Internet. Throughout our lives, using the Internet or otherwise, we all will make crucial economic and financial decisions. Without an understanding of basic financial information these decisions may have dire consequences. Financially knowledgeable consumers are better able to evaluate the new products and services that are being offered by our financial institutions every day. This benefits both the borrower and the lender.
Lenders benefit when consumers have increased financial understanding and use credit wisely.
Educated borrowers are able to repay their loans. By hosting this conference today, we also hope to generate many partnerships that will foster financial education, aiding consumers and lenders. The bottom line is that we want consumers to know what choices are available to them and to be able to determine among these choices which are best for them. While today's conference may be a first, it is not the first effort by the Banking Department to increase financial education. We have been particularly active in the area of educating consumers to avoid becoming victims to mortgage lending frauds and to avoid unaffordable mortgages.