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Bremerton, WA - Financial literacy issues bring Senator Derek Kilmer to local Credit Counseling Agency.
With shared concerns regarding the deepening credit crisis accompanied by a weak labor market, high inflation and falling house prices, Senator Kilmer met with Ron Lafayette, President of the North Seattle Community College and Hank Keaton, President of American Financial Solutions (AFS) to learn firsthand what services AFS is offering to consumers in financial distress.
Consumers and borrowers whose home loans are resetting at considerably higher rates are having a difficult time keeping up on payments while soaring oil prices are eroding already marginal household budgets. They are finding themselves in need of help in identifying options for improving their financial situations. That is where American Financial Solutions comes in. With trained and certified Credit Counselors, callers are provided education to understand their finances and what options are available to them. Most importantly, callers are empowered to make sound decisions to gain control of their finances.
The current credit crisis has spread from rising defaults in the market for sub-prime mortgage loans to other types of loans such as student loans or auto loans. Ron Lafayette, President of North Seattle Community College, expressed concerns about the credit crisis having a major impact on students keeping current on payments for student loans.
An article published in MSN Money April 22, 2008, titled Why Generation Y is broke, cited the following statistics:
Senator Kilmer asked, “Where do we learn about personal finance other than from our parents or at home?” Senator Kilmer, added, “Financial education is hugely important, but legislators are reluctant to add another mandate in our K-12 system so it is essential that partnerships are established”. It was agreed that there is a crucial need for Consumer Financial Literacy training and that training should start as early as possible to help people use credit responsibly.
American Financial Solutions (AFS) is a division of North Seattle Community College Foundation. Located in Bremerton, WA, AFS is a non-profit 501(c)3 credit counseling agency promoting the need for financial education and personal money management.
AFS' mission is to create change through education and service locally and nationally. AFS provides free budget, credit and housing counseling to consumers in addition to the personal money management course, Investing in Yourself.
In response to increasing consumer debt and rising foreclosure filings within the State, AFS has added Pre-Purchase Housing Counseling, Foreclosure Intervention and Assistance Counseling, and will soon add Bankruptcy Counseling to its existing services.
AFS has partnered with schools, state and county agencies to provide financial literacy training.
Browse our recent blog articles and you will see and learn about the various ways AFS can help you, as well as educate yourself.
If someone has negative credit or a few blemishes, they may be tempted to use a credit repair business to help eliminate damaging information from a credit report. However, it is a risky gamble for a consumer to take. American Financial Solutions Director Becky House, offers tips and advice on using a credit repair business to clean up bad credit.
The U.S. Department of Education has announced the first wave of forgiveness under the SAVE plan, providing relief to nearly 153,000 borrowers with $1.2 billion in forgiveness. To access the benefits, borrowers with FFELP Loans must consolidate them into a Direct Consolidation Loan by the end of April 2024.
To help address high interest concerns, we’ve put together a list of some steps people can take to try and bring down rates on existing loans.
Ten tips to help prioritize the budget income and expenses.
Call us at (888) 864-8548
and your counselor will review your credit report, analyze your financial situation and help you find the option that's best for you.
