#22: The Average American Has $90,460 In Consumer Debt

According to Experian data, if you have a credit card or two in your wallet, you're not alone. There is over $756 billion in outstanding credit card debt in the U.S., and approximately 95% of adults have a credit card account open in their name, according to Experian data from the third quarter (Q3) of 2020.In other words, every month should be financial literacy month! You don’t have to wait for next April to come to deploy financial literacy programs. The best time is now! There are many ways to adopt and/or develop a financial literacy curriculum. You can use the ABA’s curriculum, partner with a CDFI/nonprofit, or develop/adopt your own curriculum. You can more easily develop your own curriculum using a service such as Everfi.Quotes• “Did you know that the average American has $90,000 in consumer debt?” (1:09-1:14)• “There are many different options for you to choose from. Do it alone or do it with someone else – either way, we need to all band together and help raise the next generation of financial literate families.” (2:23-2:38)Links• ABA Financial Education Program: https://www.aba.com/about-us/aba-foundation/financial-education-programs#• EVERFI: https://everfi.com/financial-education/• Banzai: https://teachbanzai.com/• FDIC Money Smart: https://www.fdic.gov/resources/consumers/money-smart/index.html• CRA Today Website: https://cratoday.com/ • For more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by FIRESIDE Marketing: https://meetfireside.com/podcast-production-service/