ACCC Offers Young Adult Consumers Tips On How To Manage Their Personal Finances

National non-profit American Consumer Credit Counseling highlights how key personal finance decisions can impact a consumer’s financial future.

Boston, MA – May 26, 2016

Financial Success AheadPersonal finance can be a daunting topic for  many consumers, but it is one that needs more consideration, particularly among young adults. Few consumers ask themselves if they are financially prepared for their futures and if they are managing their finances effectively. National non-profit American Consumer Credit Counseling offers guidelines that will help consumers make money-savvy decisions to improve their personal finances.

“The way consumers manage and spend their money and the small decisions they make on a daily basis  can have a major impact on their financial lives far into the future,” said Steven Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “So many young adults wish they knew more and made better financial decisions. By learning how to manage money effectively, these consumers will be in a much better position to afford necessary purchases or weather a financial emergency.”

Poor money management can have long-term effects and hinder a consumer’s success. In a study by U.S. Bank, majority of students said that they do not feel confident when it comes to budgeting and money management. Of these respondents, 44 percent said they have little to no knowledge about creating and maintaining a budget. In the study, 65 percent of respondents gave themselves a grade of C or lower when it comes to successfully managing their finances.

American Consumer Credit Counseling offers some guidelines to help consumers effectively manage their personal finances:

  1. Budgeting – Developing a realistic budget is an essential skill for all consumers. Start by using a budgeting worksheet to get an accurate picture of expenses vs. income. By comparing total income and expenses, consumers can create a feasible budget plan. Sticking to this plan enables consumers to avoid any unnecessary debt and overspending.
  2. Choosing a bank and credit card – Consumers should consider their financial needs and required services, not just the freebies they can receive when opening an account. It is important to check if there are any fees associated with the account or credit card. Use the Bank Account Comparison and Choosing Credit Card worksheet in ACCC’s Financial Workbook for assistance.
  3. Responsible credit – It is extremely tempting to make purchases with a credit card when short on money, but it is important not to create more debt than you can handle. Increasing credit card debt can severely hurt a credit score and hinder the chances of obtaining important lines of credit in the future, like a mortgage or car loan.
  4. Monitor accounts – Take a couple of minutes each day to log into accounts and check for suspicious activity. This can help prevent fraudulent charges and identity theft.
  5. Save – It is extremely important to start saving early on in life for future expenses– such as a car, house, family, education and and retirement.
  6. Pay bills on time – Set reminders to pay off any regular monthly bills. By remembering to pay bills on time, consumers can avoid costly late charges, which can damage credit scores.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

  • For credit counseling, call 800-769-3571
  • For bankruptcy counseling, call 866-826-6924
  • For housing counseling, call 866-826-7180
  • Or visit us online at

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loans, youth and money, homeownership, identity theft,  senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to or visit