Government relaunches consumer information website
A government website may help people who are trying to find ways to get more money in their savings accounts.
The Financial Literacy and Education Commission recently released a redesigned version of a consumer-aid website, www.MyMoney.gov. It features savings calculators and other features that should help regarding financial planning.
Treasury Deputy Secretary Neal Wolin said that it is important that all areas of the country’s finances are strengthened following the recession.
“That means not only strong reforms and consumer protections, but also improved financial literacy and access,” Wolin said.
The site brings together information from 21 federal offices, all of which make up the FLEC. Other features on it include professional development information and planning for different life situations, including having a child or retirement. It is also available in Spanish and will be continually updated.
In addition to efforts like the MyMoney site, the government has enacted financial reforms designed to protect consumers. One of those is the Credit Card Accountability, Responsibility and Disclosure Act, which changed how credit card statements look.
With the act, card issuers have to inform account holders how long it would take them to pay off credit card debt if they made only minimum payments, which could encourage more careful financial planning.
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