Lacking an established banking relationship, these individuals may also have limited options for savings. Today, the total credit card debt of people in the United States is in the multi- billions of dollars. This is a fact that is hard to believe. Some consumers may lack the tools they need to understand the importance of saving as opposed to spending money they do not have. Saving is important for many reasons.
Saving enables people to enjoy a measure of security when times are rough.
We all know someone who suffered by not using credit wisely or not having the necessary information to make an informed decision. In this regard, financial education is important for all of us. It can play a particularly critical role in the lives of low and moderate income New Yorkers. In addition to our own efforts, the Banking Department will award CRA credit to banks for programs that work to increase financial literacy for low and moderate income individuals and that stabilize and re-vitalize low and moderate income areas. There are many of these programs available and we urge you to work with them.