The American Bar Association Section of Business Law has launched safeborrowing.com -- a website designed to inform consumers about credit issues and increase financial literacy.
The site’s homepage has an eye-catching slogan: “Welcome to the place to stop before you shop.” Safeborrowing.com is a creation of the section’s Consumer Financial Services Committee. It offers free information to help borrowers better understand the risks and obligations of using consumer credit. It’s a comprehensive, single-source site that was developed to include content crossing the credit card, home financing, student loan and automobile lending industries. Specifically, safeborrowing.com provides tips on:
- avoiding a foreclosure rescue scheme,
- deciphering credit card disclosures, and
- understanding the types of federal student loans available.
Additional site features include a glossary of terms, helpful points to consider and links to other resources.
With the downturn in the economy and the foreclosure crisis in full swing, many people are likely turning to credit cards and other high-interest loans to get them through. I would encourage people to check this website out before they sign up.
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