Consumers Want to Know How to Reduce Debt,
Build Credit and Save More
February 01, 2010 09:58 AM Eastern Time
MINNEAPOLIS--(EON: Enhanced Online News)--As the economic recovery slowly continues, consumers would
like to learn more about how to gain a solid financial footing. Specifically, they are asking their financial institutions
how they can raise their credit scores, reduce debt and build their savings. That’s according to the results from a
financial literacy survey Wolters Kluwer Financial Services conducted with 175 banks, credit unions and mortgage
lenders in December 2009.
The survey results show that one out of every five institutions says consumers are often asking how credit scores are
determined and what they can do to improve them. One in five also says consumers commonly ask about savings
accounts insured by the Federal Deposit Insurance Corporation or National Credit Union Administration. And
nearly sixteen percent of institutions say consumers are likely to ask about budgeting, debt consolidation and
repayment, and savings.
The survey also asked institutions what financial literacy materials they felt were most helpful in educating consumers
on financial products. Those offering information on Individual Retirement Accounts (IRAs) led the way with 77
percent of respondents. Those focused on refinancing mortgage loans and obtaining home equity loans or lines of
credit followed closely at 71 and 70 percent.
“The results of this survey help reaffirm that many consumers are interested in learning how to improve their financial
standing,” said Lisa Fraga, vice president and general manager of Banking for Wolters Kluwer Financial Services.
“By arming yourself with as much information as possible concerning financial products, you’re more likely to make
the right choices that will benefit you the most financially.”
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and
service