Chase Donates $1.3 Million Grant to Credit Card Education

Financial education of consumers is one of the most important creditors' concerns. Their business success depends a lot on a customer's ability to manage credit cards wisely. In order to protect their funds and help clients understand and control their credit, Chase Card Services, the division of JPMorgan Chase & Co. is donating $1.3 million through the Financial Literacy Grant Program to U.S. organizations which provide educational programs and services for credit card users.

Nowadays many credit card holders have not got enough skills to make appropriate financial decisions. The surveys show that many users have little insight into the principles of earning, spending, saving and investing. The solution for them is to seek help from nonprofit counseling agencies which assist consumers with everyday credit management services. It's a wrong belief that the counselors' services support only consumers who are in a serious financial trouble. The agencies teach people to analyze spending, set up budget, determine borrowing requirements, use insurance and save with rewards credit cards. They can evaluate your current financial situation and help you manage your debt wisely.

Jeff Courtney, senior vice president, Customer Support Division, Chase Card Services, said that well-considered financial management is very important, especially nowadays, when the situation on the credit card market is unstable. Financial Literacy Grant Program is aimed to improve consumer awareness of credit card usage with the assistance of qualified organizations. It will help Americans to increase their financial literacy and not to fall behind.

Chase has a history of funding educational programs for credit card holders. Their Financial Literacy Grant Program has been run for 3 years. It gives consumers the access to support resources and counseling services and that they need to control their credit. With the grant this year, Chase bank has donated $3.9 million in the past three years to more than 90 organizations. The financial education is targeted at all credit card users - from beginners to people with a long credit history.

This year the grants will be donated to more than 30 organizations. They include credit counselors and consumer financial research groups, for example the Young Women's Christian Association, Novadebt, the Consumer Credit Counseling Service of Buffalo, George Washington University, the Consumer Credit and Budgeting Counseling. The organizations will use the grants for consumer financial education and for working out more effective and comprehensive credit card literacy programs.

Carter Franke, chief marketing officer, Chase Card Services, said that Chase believes that everyone should have the opportunity to increase their financial literacy. An education is probably the most important investment you can make. The grants will help adults and young people learn to use credit cards responsibly and be smart financial consumers all their lives.