MINNEAPOLIS, April 4, 2011 /PRNewswire-USNewswire/ -- ACA International, the association of credit and collection professionals, applauds President Barack Obama's declaration of April 2011 as National Financial Literacy Month and his message on the importance of consumer education.
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"It's critically important to have reliable information to help consumer better understand their personal finances and their rights should they be contacted by a debt collector," said ACA International Interim CEO Ted Smith. According to the Federal Reserve, consumer debt now tops $2.45 trillion (an average credit card debt per household of more than $16,007). Every day more consumers in debt face the likelihood of debt collection activity.
ACA recommends consumers should not avoid debt collectors or dismiss being contacted as a scam without verifying it first. "Avoiding the debt collector won't make the debt go away. The vast majority of debt collection activity is legitimate and it's imperative to address a debt collection inquiry head-on," said Smith. The recovery of consumer debt is governed by the Fair Debt Collection Practices Act as well as other federal and state laws.
AskDoctorDebt.com is a project of the ACA International Education Foundation, a 501 (C) (3) organization focused on expanding consumer financial literacy. For more information on the Foundation, visit www.acainternational.org/foundation.
ACA International is the comprehensive, knowledge–based resource for success in the credit and collection industry. Founded in 1939, ACA brings together more than 5,300 members in the United States and abroad, and their more than 150,000 employees, including third–party collection agencies, asset buyers, attorneys, creditors and vendor affiliates. ACA International establishes ethical standards, produces a wide variety of products, services and publications, and articulates the value of the credit and collection industry to businesses, policymakers and consumers. For more information about ACA International, visit www.acainternational.org.