It is not a secret that credit debt is a big issue in America. Consumers are not able to make their monthly credit payments. Banks suffer tremendous losses that have already led to a financial crisis. And consumer debt is still increasing.



Who is to blame for this situation? There are two possible answers. Many Americans are financially ignorant and careless. They care only about buying things not about paying for them. Studies have shown that a significant percentage of college students believe that it is unnecessary to pay for things purchased with credit cards. Debtors are not able to make payments because they have poor personal finance management skills.

But most Americans blame the banks. Financial institutions tried their best to entice people with their credit offers. Even a college kid with no income could receive a plastic with an impressive credit line.

To retrieve character major banks have launched credit education programs. These programs are meant to give consumers better understanding of what credit cards are and how to use them wisely. They also provide financial counseling for those who need to improve .

Here are the programs major lenders have for you today.

offers educational materials as a part of its Be Smart about Credit Program. Consumers are encouraged to read detailed information on credit cards in the Consumer Resources section of their official website. You can also find information about respective government agencies and consumer groups.

Chase has put a lot of effort into making credit Clear and Simple for its clients. They are taught to manage personal finances in general and credit card accounts in particular. The website contains convenient tools that help to calculate how much you will have to pay for a particular credit deal.

The Guide to Using Credit Wisely by Discover includes information on various aspects of credits. You can read comprehensive articles on how to understand terms and conditions, protect your account from identity theft and other important issues. Any visitor can also use free online tools to calculate which credit card will give more bonuses.

Master Card offers a program for consumers in debt called Debt Know How. Professional advice is available for those in need. This program is especially popular because it helps Americans to fight credit debt that is really a problem nowadays. The materials are available in both English and Spanish.

Of course, these educational programs are not enough. Many consumers still find credit card terms and conditions too confusing. Public education does not provide young Americans with skills and knowledge needed for successful personal finance management. There is still a way to go in educating Americans about credit.