The biggest news this week is all about Financial Literacy Month, which kicked off on Monday.
The president, in a proclamation last week, declared April 2013 as Financial Capability Month, coinciding with Financial Literacy Month.
President Obama said in his declaration that the purpose of this month is to empower Americans with the tools they need to make smart financial decisions.
“Financial capability also means helping people avoid scams and demand fair treatment when they take out a mortgage, use a credit card, or apply for a student loan,” the president said in his proclamation. “My Administration continues to encourage responsibility at all levels of our financial system by cracking down on deceptive practices and ensuring that consumers are informed of their rights.”
Understanding where you stand with your money isn’t just about knowing the balance in your bank account. Cutting your debt, protecting your assets and building your wealth is about knowledge. So, Forbes came up with a great list of seven financial questions that run the gamut of every money area of expertise.
Of course, being a company focused on credit, we loved the first question of the quiz: Does carrying a balance on your credit card help your credit? In fact, it’s one of the most common credit questions we receive. Take the Forbes test and see if you need to read up on any financial areas.
We love educating readers about credit scores, so we came out with our ultimate guide to credit scoring this week to answer some common questions.
Once you understand the basics of how credit scores are structured, it’s a lot easier to know how to manage your current credit cards and loans without issue. Even if you’re happy with where your credit stands now, you have to be proactive to keep your score at that level and even take it to the next.
Image: NS Newsflash, via Flickr