Chase is donating $70,000 to Auriton Solutions of Roseville, MN, part of
a $1.3 million donation through its Financial Literacy Grant Program to
similar organizations across the country. The grants will be used for
financial literacy programs to help more Americans understand and take
control of their finances – help that is
especially critical in today’s uncertain
economy.
"Knowing how to manage your finances is an
important skill throughout your life, but especially during times of
economic uncertainty,” said Jeff Courtney,
senior vice president, Customer Support Division, Chase Card Services,
the credit card division of JPMorgan Chase & Co. "Fortunately,
there are a variety of qualified organizations to provide assistance,
and our Financial Literacy Grant Program is intended to improve
awareness of those resources. We hope these grants will help people
across the country get the information they need to increase their
financial literacy, improve their financial situations and, as a result,
their overall economic stability.”
According to a recent survey by Freddie Mac and Roper Public Affairs and
Media, 57 percent of late-paying borrowers still do not know lenders may
offer workout options to help avoid foreclosure. However, borrower
confusion is not limited to mortgages, but can extend across the
financial industry.
Chase’s Financial Literacy Grant Program, now
in its third year, gives consumers greater access to information, credit
counseling services and the support resources that they need to take
control of their finances and improve their financial health and
stability. With its donation this year, Chase has provided $3.9 million
over the past three years to more than 90 organizations. The nationwide
program is part of the ongoing commitment by Chase to support financial
education and literacy for people of all ages, so they can keep their
finances in check while pursuing what really matters in their lives.
This year’s grants will be sent to more than
30 organizations, including credit counseling agencies and consumer
financial research groups. Each grant recipient is selected based on
criteria that distinguish them among qualified credit counseling
agencies that are providing valuable service and education to consumers
both within their communities and throughout the country.
Chase Offers Long-term Support to Financial Literacy and Smart Credit
Use
In addition to the Financial Literacy Grant Program and other financial
literacy contributions, Chase offers a variety of resources for
consumers on its Chase Clear & Simple Web site (www.chaseclearandsimple.com)
to help them better manage their personal finances and use credit
wisely. For customers, Chase provides a number of tools, policies and
account management options to help customers gain greater control of
their accounts, avoid fees and maintain their best interest rates,
including:
Clear pricing practices: Chase will not increase interest rates
for cardholders solely based on credit-bureau information.
Over-limit Controls: Customers can protect their accounts
against over-limit fees by adding customized "controls" to their
accounts that contain their spending within their credit limit.
Customized Payment Due Date: Chase customers can select their
own payment due date, choosing the date that is most convenient for
them.
Free Account Alerts: To help customers avoid fees, Chase will
send free reminders by e-mail, telephone or text message when a
payment due date is approaching or when spending is nearing a credit
limit.
Consumer Tips for Dealing With Financial Stress
Chase encourages consumers who are experiencing financial stress to
reach out to their creditors or a certified credit counselor for
solutions. The NFCC offers some basic tips to help customers avoid and
better manage their debt:
Track your expenses. To find money available for savings, first
determine where you are currently spending your money. Write down
every cent you spend. At the end of the month, take a look at where
your hard-earned cash really goes.
Create a budget and customize it to fit your lifestyle. A
well-designed spending plan considers all sources of income, living
expenses, debt obligations, and savings. Be sure to incorporate all
three expense categories - fixed expenses (e.g., mortgage, auto loans
and rent), variable expenses (e.g., credit cards, groceries,
entertainment, clothes and gasoline) and periodic expenses (e.g.,
property taxes, home repair, and car maintenance).
DON'T start charging when there is no money. If you have no
money left after paying your bills, you may be headed for trouble. It
is not a good idea to routinely rely on your credit card to pay for
living expenses when you don't have the cash available. As a general
rule, you should not be spending more than 20 percent of your
take-home income on credit card bills or loans, and this includes your
car payment.
DON’T apply for new credit cards simply
because you’ve reached the credit limit on
existing cards. When your cards are taken to the limit, it is time
to pay off the balance and adjust your spending habits –
not apply for more cards.
DO make more than the minimum credit card payment. The NFCC
recommends paying at least double the minimum required payment.
DO reduce expenses wherever possible. Look for no or low-cost
entertainment and cut back on other day-to-day spending. Small
reductions in daily spending quickly add up to big savings. Trimming
$5 from your daily expenses adds up to more than $1,800 over the
course of a year!
DO work with your creditors. If you encounter any problems
repaying your debts, contact the creditor immediately and explain the
situation. Creditors often will work with you to come up with an
alternate payment arrangement.
Get to know your credit report better. Dedicate spring cleaning
time as the annual time to review your credit report, which you can
get for free at www.annualcreditreport.com
or by calling (877) 322-8228. A credit report contains information
about your credit and loan history, including amounts and payment
history and is used extensively by potential lenders to evaluate your
credit worthiness. Read each report carefully as there may be
discrepancies between the three credit bureaus. If you find errors,
file a dispute with the credit bureau.
DO seek help from a credit counselor. If you have been unable
to resolve your finances on your own, consider working with an NFCC
certified credit counselor to create a plan you can live with, one
that helps you budget your money and repay your debt. An NFCC member
agency can customize a spending plan that fits your lifestyle. To
contact an NFCC member agency near you, call 1-800-388-2227, or log
onto www.nfcc.org.
As a leader in the financial community, Chase offers customers what
matters most to their financial well-being. Chase pledges advocacy,
access, protection, recognition, and value for its customers’
financial needs.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services
firm with assets of $1.6 trillion and operations in more than 60
countries. The firm is a leader in investment banking, financial
services for consumers, small business and commercial banking, financial
transaction processing, asset management, and private equity. A
component of the Dow Jones Industrial Average, JPMorgan Chase serves
millions of consumers and businesses in the United States and many of
the world’s most prominent corporate,
institutional and government clients under its JPMorgan and Chase
brands. Information about the firm is available at www.jpmorganchase.com.
Addendum A – Chase Card Services 2008
Financial Literacy Grant Recipients
Auriton Solutions
Family Counseling Center of Brevard
CCCS of Buffalo, Inc.
LifeSpan, Inc.
Lutheran Social Service of Minnesota
Family Service Association of Greater Elgin Area
Goodwill Industries of KYOWVA Area, Inc.
Cumberland Community Action Program, Inc.
CCCS of Forsyth County, Inc.
CCCS of Greater Dallas
CCCS of New Orleans
CCCS of Greater San Antonio
Family Foundations of Northeast Florida, Inc.
By Design Financial Solutions
Lutheran Social Services of South Dakota
CCCS of Mid-Florida
Aurora Family Service
CCCS of Northeastern Iowa
CCCS of Northeastern Pennsylvania
Family Counseling Service of Northern Nevada
Credit Counseling Centers of OK, Inc.
CCCS of Springfield
Graceworks Lutheran Services
CCCS of the North Coast
Young Women's Christian Assoc. El Paso, TX
Housing and Credit Counseling, Inc.
Consumer Credit Counseling Service of Western North Carolina
Consumer Credit And Budget Counseling
GreenPath, Inc.
Take Charge America
Debt Counseling Corp
Garden State Consumer Credit Counseling, Inc.
The Village Family Service Center
Delaware Financial Literacy Institute
Professor Michael E. Staten, University of Arizona, Tucson, AZ
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