Dear Friend:

Are you down about debt? Is the credit crunch pinching your pocketbook? Do you know how to properly secure your identity? Sometimes, do you feel surrounded by scams? Well, you are not alone, which is why I will be holding a public meeting for community members, including parents and students, at Newburyport High School, 241 High Street, on March 19, 2008, at 7:00 PM entitled “Consumer Credit 101.”

Knowing your rights as a consumer – and also knowing how to manage your credit and protect yourself from scams – can help empower you to make informed decisions about your personal finances. I think that this is an especially important message to impart to our children, who will soon have to manage their own budgets and families. And, unfortunately, statistics tell us that:

• A survey of high school seniors found they could only answer 52% of basic financial literacy questions accurately.
• At the same time, more than half of college students polled had over $5,000 in credit card debt.
• And, identity theft strikes 18 to 29 year olds more often than any other age group in America (www.ago.mo.gov).

These numbers are, quite simply, staggering. In that vein, at this event, I, along with representatives from the Federal Trade Commission, Massachusetts Public Interest Research Group (MASSPIRG) and the Essex County District Attorney’s office will be on hand to speak about financial responsibility and its meaning for our children. There will also be a question and answer session during which we would be happy to speak to any concerns or inquiries you may have.

Again, I invite you to join me at this important event so that we can all work together to make sure our children have the knowledge and confidence they need to successfully navigate the financial waters in these complex and challenging times. I hope to see you there. If you would like more information or have questions, please feel free to call Matt Patton in my Peabody office at (978) 531-1669 or visit my website at http://tierney.house.gov/.

Warm Regards,

John F. Tierney
Member of Congress