The average household has more than $8,000 in credit card debt. An $8,000 debt at a rate of 18 percent interest will take more than 25 years to repay and cost more than $24,000. In addition, the average interest rate charged by credit cards is 14.71 percent.
In response to a period of the lowest savings rates in the United States since the Great Depression, the Consumer Federation of America, a non-profit organization, developed Military Saves. The campaign is a social marketing campaign to influence Americans to reduce debt and increase savings.
Ramstein will celebrate the Military Saves Campaign from Monday to Feb. 27. During this week, the Airman & Family Readiness Center will partner with base and unit leadership to encourage Airmen, military family members and youth to participate in educational events.
The week will begin with a “Build Wealth, Not Debt” Military Saves kick-off event from 11 a.m. to 1 p.m. Monday at the Ramstein Community Center Annex, Bldg. 411. Attendees will be entered into a drawing for prizes and an iPod, donated by Service Credit Union.
The A&FRC will offer the following opportunities to those wishing to reach the goal of refreshing their approach to building wealth:
Tuesday – Investing 101
Wednesday – Credit & Debt Management
Thursday – Ins and Outs of TSP
Feb. 27 – Traveling on a Budget
Each session will be held from noon to 1 p.m. at the A&FRC, and participants will be entered into a drawing for prizes.
“Money, Money, Money – Financial Facts Quiz Game on American Forces Network”
AFN radio broadcasters will ask financial questions during the morning and afternoon broadcasts Monday through Friday. The participants who answer the questions correctly will be entered into drawings for three $50 savings bonds donated by Service Credit Union.
For more information, call the A&FRC at 480-5100/5900 or 06371-47-5100/5900.
(Courtesy of the Airman & Family Readiness Center)
(Credit card facts found at MSN Money)