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Consumer credit counseling may help consumers learn about banking
By Sam Craine on Jun 25th, 2010
While some may be having problems with their banks, a number of Americans don't have any kind of account, a recent report found.
According to research firm MarketsandMarkets, about 21 million people in the country were underbanked, meaning they did not take full advantage of the financial products offered by institutions. That comes out to about 18 percent of households in the nation.
To confront this, the report showed that many financial institutions have opened locations within retail stores in order to better connect with these consumers.
"This strategy is often successful since customers are already used to visiting retail establishments for shopping and are often reluctant to visit traditional bank branches," MarketsandMarkets said.
Still, some people may feel intimidated by approaching a bank, especially when it comes to applying for more complicated products like home loans. However, there may be assistance out there in the form of consumer credit counseling.
These agencies can help a person analyze their finances and set up a budget while also educating them about products.
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