GET SMART ABOUT YOUR FINANCES

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BACKGROUND

Millions of Americans are in more personal financial trouble today than ever before. The advocacy group, Americans for Consumer Education and Competition or ACEC says it's because we've never learned how to handle our money.

PFigures from the U.S. Treasury department back that up showing home foreclosures are now at their highest in 30-years - consumer bankruptcies are at an all time high for a decade - and we are now saving less than 3-percent of our paychecks - down from 7½ -percent in the 80's.

ACEC is pushing to teach teens and young adults how to handle their dollars and cents.

Plans to actually teach students how to "count their pennies" is the result of a new education bill called no child left behind signed into law by president Bush. The bill calls for 3-billion dollars to be distributed to state school boards for new courses including for the first time - a class on personal finance.

The Americans for consumer education and competition is promoting the use of debit cards as a way to control your personal budget. With debit cards - purchases are paid for directly from your bank account - which tends to slow down that urge to spend. If you don't have it in your account - you can't spend it.

Debit cards are accepted where credit cards are accepted - only they don't carry any interest charges. To learn more about handling your personal finances log on to www.acecusa.org.

INTERVIEW:

• Susan Molinari, National Chairperson, Americans for Consumer Education and Competition

B-ROLL INCLUDES

Classroom footage***Young Adults shopping***People using ATM's

VIDEO PROVIDED BY: Americans for Consumer Education and Competition