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San Diego, CA - The ICFE’s
online bookstore (www.icfe.info) does not accept Discover
Cards, just
American Express, MasterCard and Visa.
The reason is simple, DISCOVER Card maintains a hostile
attitude towards credit counseling and
financial education with regards to their cardholders who
may become delinquent.
DISCOVER Card, unlike the others, will not reduce its
17-22+ percent interest rate, for their customers
who enter into a debt payment plan (DMP).
Further, DISCOVER Card does not support credit counseling
and financial education, because they offer little or no
fair share payments back to the credit counselors who
collect the payments from Discover's delinquent clients.
Most creditors pay an average fair share of about 6.5
percent/
Many consumers who become delinquent on credit card
payments, for a variety of reasons, both
understandable and unreasonable, contact a local consumer
credit counseling service
to help them get back on track, where it is possible.
Most will enroll in what is known as a debt payment plan
or DMP. In the DMP, participating credit
card issuers will lower their high interest rates to
around six percent on average, accept lower payments and
often agree to drop late fees and over limit fees. The
credit counseling agencies administer the program, collect
the payments and forward them to the creditors.
Discover Card does not lower interest rates and offers
little or no fair share payments.
The following statement now appears on the ICFE’s Web
site:
Notice to our valued customers:
The ICFE does not accept DISCOVER Card due to their
hostile attitude towards
bona fide credit counseling and financial education
organizations.
For more information contact Paul Richard - ICFE Executive Director : 619-239-1401
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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