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NEWS REPORT Account Support Team Refocuses and Expands Customer Service Commitment |
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NEWS REPORT Debt Know How Program Provides Valuable Resources for Consumer Debt... |
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NEWS REPORT Ignite Adoption and Usage with Electronic Version of Consumer Online Bill Payment... | |
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INDUSTRY INSIGHTS Q&A with Dan Schatt |
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NEWS REPORT 
Debt Know How Program Provides Valuable Resources for Consumer Debt Education |
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| Credit Counseling Agencies, Educators, and Others Invited to Leverage MasterCard Resources to Promote Consumer Understanding of Debt |
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MasterCard International has long taken a proactive role in promoting the responsible use of consumer credit and in strengthening consumers' grasp of the basic principles of financial management. The Debt Know How Program, launched last summer, continues that tradition with a comprehensive array of resources designed to deliver first-class, hands-on education to consumers about responsible debt management. "We saw a need in the marketplace for a program that would pull back the veil on the wide range of debt-related issues that people deal with day-to-day, from answering the most basic questions—what is a credit score?—to helping them develop a complete understanding about their financial picture," says Patrick Dwyer, vice president, Consumer and Government Affairs, Law Department, MasterCard International. Other valuable financial literacy programs are available, Dwyer notes, but many take an abstract approach. "In developing this program, we wanted to put a strong emphasis on concrete, everyday terms," he says, "in ways that would help consumers to visualize their financial situation and set realistic, measurable goals." Reaching out "To get the word out, we first alerted decision-makers at educational institutions, government offices, financial institutions, and other organizations about the program's resources," says Dwyer. "We're getting very positive feedback from decision-makers around the country. They're impressed with the quality and scope of the program." Program resources reside on the Web site (www.debtknowhow.com), which offers materials and tools for both consumers and decision-makers. "Consumers will find a strong basic education on debt management, plus interactive tools and downloadable materials that will help them assess their financial situation and implement a plan to reduce unwanted debt," says Dwyer. "Decision-makers can access resources that will help them set up educational seminars for consumers." In addition, MasterCard is conducting seminars to introduce the program to decision-makers. "To date, we've had seminars in Sacramento and Boston," he says, "and they've been very well received." Dwyer notes that, as appropriate, MasterCard plans to make the program available in other markets around the world. In Taiwan this past February, MasterCard launched the MasterCard Financial Know How Program, which is based on the Debt Know How Program. "We feel that with the Debt Know How Program, we can engage consumer groups and decision-makers globally, and work together to address this important issue," Dwyer says.  For more information, go to www.debtknowhow.com. If you would like to link to the Debt Know How site, please contact Patrick Dwyer at patrick_dwyer@mastercard.com. | ||||
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