National Consumer Protection Week is a time for people to focus on finances and make sure they're making the right decisions to keep those finances healthy. But the things that lead us to make bad decisions or fall victim to credit problems or scams can happen all year round.

Payday and auto title loans offer a quick way to get money, but they come at a high cost. To make matters worse, they often must be repaid in a matter of weeks. Across the country, 12 million adults use payday loans annually, according to a study by Pew Charitable Trusts.

Having poor credit or no credit history at all can have ripple effects for a person who is already in a precarious financial situation. A person's credit history tells a story to lenders, landlords, and service providers; therefore, a poor credit history can make it difficult to find affordable housing, buy a home, or even procure common goods and services such as a cellphone, furniture, or car insurance. 

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Molly Barackman-Eder, Manager, Financial Capability

The winter holidays and the start of school are times when expenses can suddenly spike. Many low- to moderate-income families are unable to cover them, turning instead to expensive, predatory payday, auto-title or similar loans. Clearly, a safe alternative is needed.

Everyone knows it’s important to save for a “rainy day.” Emergencies happen: appliances break, cars sputter to a stop, jobs are lost. But when your paychecks are not that much more than what you need to pay your routine bills, that’s a habit most haven’t been able to form.