Because many consumers, regardless of the demographics into which they fall, faced severe financial hardship during the recent recession, the Obama administration has redoubled efforts to get Americans clued in on how to properly handle their finances. In addition to having already set up a number of agencies and initiatives designed to keep consumers safe from fiscal pitfalls, Obama also set up the President’s Advisory Council on Financial Capability and National Strategy for Financial Literacy. The latter program will set up a framework to coordinate a national strategy for educating Americans on money matters.
[Related Article: Financial Responsibility: A Reaction or A Reality?]
“While our government is taking decisive action to promote financial stability, our Nation’s prosperity will ultimately depend on our willingness as individuals to empower ourselves and our families with financial knowledge,” Obama said.
Further, the Obama administration also set up two websites – www.mymoney.gov andwww.consumerfinance.gov – as well as a hotline at 1-888-MyMoney to help guide financially troubled consumer down the right path and offer monetary guidance.
However, many Americans are already getting back on the right track financially by reducing their outstanding credit card debts and paying their monthly mortgage bills with greater frequency in recent months.
Image by Barack Obama, via Flickr