At A Glance
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With less than a month left in the year, what does your to-do list look like? Finish holiday shopping? Jotting down your resolutions for the new year? Or perhaps you plan on heading down to the car dealership to take advantage of the great end of year sale offers. If it’s the latter of the three, you might just be in luck, because it’s a very good time to purchase a new vehicle. According to Experian Automotive’s Q3 State of Automotive Finance Market report, the average interest rate for a new vehicle loan hit 4.27 percent, down from 4.53 percent a year ago. This marks the lowest rate we have seen, since Experian began publicly reporting the data in 2008. The good news doesn’t stop there. Lower interest rates have also given car shoppers the ability to keep payments down when taking out a larger loan. Just as interest rates for new vehicles have hit the lowest point since 2008, the average amount financed has reached its highest point. In Q3, consumers purchasing a new vehicle took out an average loan of $26,719, approximately $750 more than the previous year. Another way we have seen consumers keeping those monthly payments low is by taking out slightly longer loans. The average loan term for a new vehicle was 65 months in Q3, up one month from Q3 2012. This coupled with low interest rates have kept the average monthly payment for a new vehicle relatively flat, only up $6 from last year. Other findings from the report include: • Leasing accounted for 27.22 percent of all new vehicle financing in Q3, up 24.40 percent last year • The average monthly lease payment was $404 in Q3, down from $409 in Q3 2012 • The average credit score for a new vehicle loan dropped to 753 in Q3 2013 from 755 in Q3 2012 • The average credit score for a used vehicle remained flat year-over-year at 668 • Average monthly payments for used vehicles remained flat at $350 For more information on this report, or to attend a webinar discussing additional findings, please visit www.experian.com/automotive.
It was extremely gratifying to see Experian named a Top Workplace by the Orange County Register this week. No surprise to me. (Though I may be partial.) To be sure, this is an important milestone. Although we have been part of the Orange County community for 40+ years, this is the first time we have participated in the Top Workplaces Survey. Additionally – and importantly – this was a recognition that was earned by the feedback of our employees who genuinely appreciate their work environment and the Experian culture. That means we, as a company, are putting the right focus on our employees – or as we prefer to call them, our team members. It was further gratifying when Steve Churm, vice president of the OC Register and Freedom Communications, said: “The Orange County Register's top workplace initiative identifies 100 companies that truly understand the essential link between a positive corporate culture and bottom line performance and growth. Experian is one of those great companies in the heart of Orange County that recognize their key assets are their employees, and that their well-being and growth drives Experian's success.” That speaks volumes to our company’s vision. CEO of Experian North America Victor Nichols sums it up well: “This honor is a reflection of our commitment to excellence and longstanding tradition of creating an enriching and rewarding work environment that benefits our clients, consumers, communities and team members.” In addition to fostering a great work environment, Experian was recognized for being a “socially responsible” company, ranking third amongst large companies in social responsibility. That, too, is a significant recognition given the company’s vast Corporate Social Responsibility initiatives and noting that community involvement is at the heart of Experian. Last year, Experian employees contributed over 18,000 hours in volunteer time for our worldwide philanthropy partners, while raising and donating $6.1 million. In Orange County, the Experian employees from our North American headquarters in Costa Mesa raised $138,000 and volunteered 2,284 hours with important local causes such as CHOC and the Susan G. Komen Race for the Cure. Dayna Parker, chief human resources officer for Experian North America, shared this: “From our commitment to financial literacy to our ongoing relationships with UCI and the Orange County Business Council, and our volunteerism to Children’s Hospital of Orange County and the Susan G. Komen Race for the Cure, Experian team members continue to make a difference within the Orange County community. There are a lot of reasons why people love working at Experian, but our commitment to the communities where we work is a big part of our culture and our values.” If you get to know our company, and you get to know our team members and you understand our vision, I’m confident you will appreciate why we are a Top Workplace … and why I wasn’t surprised. This is a great company.
Experian’s fourth annual State of Credit features nationwide data on how four different generations are managing their debts. To provide a more detailed picture of how the nation is faring, we also analyzed over 100 Metropolitan Statistical Areas (MSAs). Below are two snapshots of average credit scores and debt for the largest metropolitan areas. This study is an opportunity for consumers to better understand how credit works so they can make more informed financial decisions and live credit smart even in the face of national economic challenges. View our interactive map to learn more. Source: 2013 Experian State of Credit.
A glimpse at average debt in the largest metropolitan areas … View interactive map: Experian's Fourth Annual State of Credit Report
A glimpse at credit scores in the largest metropolitan areas … View our interactive map: Experian’s Fourth Annual State of Credit Report
Do you want to buy gifts for friends and family this holiday season? Check out these great holiday shopping tips from some of our favorite personal finance writers: 1. Think experience over tangible items Stay sane. I’m not kidding. It’s so easy to lose control and get wrapped up in the feeling of needing everything. Back up and question each purchase. Especially gifts. By March, very few people even remember what they got in December – so is it worth overspending for? Think experience over tangible items. If you’re going to drop some cash, do a party or a trip. That’s what people recall and often value. Right now I’m big into Groupon. I love the goods and getaways Amazing deals! Erica Sandberg is one of the nation’s foremost personal finance authorities. She is editor at large for the Bankrate Inc.‘s subsidiary Credit Card Guide and a columnist and reporter for CreditCards.com 2. Use the Shop Savvy App Shop Savvy is a must-have app for every money-conscious consumer. Scan a product's barcode with the ShopSavvy app and you'll get a price comparison. Which other retailers, online or brick & mortar, sell this product and how much is it going for right now? This app is especially helpful on days like Black Friday where impulse shopping runs is fueled by the frenzy and rush of the moment. If you don't have access to a barcode (aka you are shopping around in advance of making a purchase, which is a good habit and a separate topic), you can look up a product by keyword. Carrie Rocha is the author of of the book and writer behind PocketYourDollars.com 3. Three helpful tools to help you shop Every year I have three tools I use in tandem to help me plan my holiday shopping and save money. The first is Karen McCall's free Holiday Planner which really helps me think through what I most want out of my holidays – and how I plan to pay for it. Then, for those things I will purchase online, I go to RetailMeNot.com to check for coupon codes before I hit the "buy" button. I find that those codes can often be used even with the lowest discounted price, so the savings can really add up. And finally, each year I re-read Mary Hunt's book Debt Proof Your Christmas. It reminds me to focus on what's really important, and think about creating memories – not debt. Gerri Detweiler, director of consumer education for Credit.com where she writes about credit and debt, along with money-saving strategies for the holidays 4. Save all your receipts The holiday season is a wonderful time to give gifts and share joy with others. But don’t let your seasonal generosity impact your credit for months or even years to come! My best holiday advice is to save all of your receipts! Whenever you make a purchase this holiday season – whether you bought fruitcake for a holiday dinner or the perfect gift for the special someone in your life – keep all of your receipts in an envelope. After the gift giving is done, you still want to be like Santa – checking your list twice! When your credit card statement comes, check each purchase against your receipts. Make sure that the receipts are all correctly reported in your credit card statement and research any discrepancies, such as if your credit card statement reports a higher purchase amount than the receipt or there is an amount on your statement that you do not have a receipt for. And here’s a bonus tip: If you’re buying gifts with a credit card you don’t use very often, or if you signed up for a new store card, make sure you watch for the bill in the mail and pay it in full and on time! Jeanne Kelly is an author, speaker, and coach who helps consumers achieve a higher credit score & understand credit reporting. Visit her online at JeanneKelley.net and follow her on Twitter at @CreditScoop 5. Stay out of credit card debt I think one of the most important issues during the holidays is staying out of credit card debt. Everyone wants to give their families and friends a great holiday and that's totally understandable. But it's a really bad feeling to start out the New Year in debt. Before you start shopping, make a "holiday budget" and decide how much you'll spend on each person. If you have a rewards credit card, use your rewards to save money. For instance, if you need to travel during the holidays, use your miles to save on airfare. Or redeem your points for a gift card at your teen's favorite store. And if you know you can pay the debt off before interest kicks in, then use your rewards card for purchasing gifts. That way, you earn cash back or miles that you can take advantage of in 2014. Beverly Harzog is a nationally recognized credit card expert, consumer advocate, and author of Confessions of a Credit Junkie: Everything you need to know to avoid the mistakes I made. She runs a popular credit card blog on her website, BeverlyHarzog.com 6. Create a personal layaway plan I have two shopping tips – one of which isn't something that fits within the context of "now." I like to save throughout the year for my gifts during the holidays. So I don't wait until the last few months of the year, I start planning roughly how much I want to spend per person and then putting that money into an account. So if I have ten people to buy for and I budget, $100 each, I'll try to put $1,000 in a savings account throughout the year. It's like a self-made layaway plan. That's not really a good tip right now (maybe next year?). My favorite tip that you can do right now is to try to buy everything online. I hate going into stores, especially during the holidays where the mall is always packed, parking is miserable, and people are miserable. You can buy anything online these days and chances are you can save yourself a lot of money when you shop online because prices are better and sales tax is often not collected unless the merchant has a physical location in your state. Jim Wang is the founder of Bargaineering.com and now writes at MicroBlogger.com 7. Buy gifts throughout the year My best tip is to use the whole year for shopping. Since I already have a list of people to buy for in December, I just hold onto that list – and the ideas I had for them – and look for matching items throughout the year. I have most of my Christmas shopping done and it's only September! Trent Hamm is author of The Simple Dollar and founder of TheSimpleDollar.com 8. No gift policy with close friends. Talk to all your close friends and have a no gift policy. Instead, use some of that money usually spent on wasted gifts and have a great experience together. It could be a simple night out, or even a mini vacation. You'll end up having so much more fun and wondered why everyone concentrates on buying material goods most recipients don't even like in the first place. David Ning is the founder of MoneyNing.com 9. Use these money-saving apps When it comes to holiday shopping, using apps can be one of the best ways you can save money. What are some of the best apps you can use? RedLaser and Price Grabber enable you to comparison shop and find the best deals on the items on your shopping list, SavedPlus automatically causes you to save money each time you make a purchase by depositing a percentage of what you spend from your checking account into your savings account, and Coupon Sherpa or Yowza can help you find coupons to save even more money! With so many easy to use apps to help you save, holiday shopping doesn't have to empty your wallet and can instead help you grow the amount of money in your savings account! Ashley Jacobs is Wise Bread's Community Coordinator and hosts Wise Bread's weekly #WBChat on Twitter 10. Use Evernote to keep track of gift ideas One of my favorite shopping tips is to buy all year as you see interesting things so that you don’t have the pressure on your time, budget, and creativity all hitting you at one time in December. My husband and I do quite a bit of personal travel, so I try to pick up items that represent the area, which makes even a jar of berry jam or spicy mustard special because it came from somewhere else. I often focus on consumables such as jams, unique seasoning mixes, etc. because so many in my family don’t really need to acquire more “stuff.” My "go to" app is Evernote. If you are shopping online and want to remember a page on a site, you clip it to Evernote and you can tag it (possibly with a name of person you were shopping for). It is a great way to keep ideas from all your devices since it works on PC, pad or phone. Maxine Sweet is the Sr. Vice President of Consumer Education at Experian 11. Plan ahead. The best advice I can give is to plan ahead. If you start by making a list of people on your holiday gift list early – as in, before Thanksgiving – then you can strategically take advantage of any deals that you find. For example, you might notice a Black Friday discount at Toys R Us and use the opportunity to get an affordable gift for your niece or nephew (this article from PT Money has good Black Friday tips). Or use the advance time before the holidays to create thoughtful, low-cost gifts that will make people smile because of the time you put into them rather than how much they cost. But perhaps most importantly, if you plan ahead you can start saving a little bit each month leading up to the holidays and use it to get through December without going over budget. Benjamin Feldman is a writer and personal finance expert at ReadyForZero.com, an online tool for paying off debt and building wealth. You can read his work at ReadyForZero's Debt Free Blog.
This guest post is by Gail Cunningham, Vice President of Membership and Public Relations, National Foundation for Credit Counseling (NFCC). Experian’s recent State of Credit Study revealed that The Greatest Generation has something else to brag about: responsibly managing credit. And that’s no small achievement considering that some of these folks have 50 or more years of credit history under their belt. That’s a lot of on-time payments. If you fall into the 65+ age bracket, congratulations! You’ve done a lot right. Now let’s keep a good thing going. Here are some tips to help you stay financially healthy moving forward: Make financial decisions with your head, not your heart. This is difficult to do when a family member reaches out to you for financial help. But remember, you won’t be in a position to help anyone if you can’t support yourself, so think of ways that you can assist family members without putting your own finances in jeopardy. Stay alert about protecting your identity and personal financial information. Seniors are prime targets for scam artists. Never provide personal information over the phone unless you initiated the call, and if you receive an email requesting financial information, don’t respond. Phony emails can look very real, so play it safe by picking up the phone and calling the sender. Make your wallet a little lighter by removing your Social Security and Medicare cards, as these can be the gateway to your personal information if they fall into the hands of a criminal. Get your financial ducks in a row. Know your retirement options in order to maximize your benefits. The decisions you make when leaving your job, beginning Social Security or signing up for Medicare can have long-term implications. Also, review documents such as your will and medical power of attorney to make sure they are up-to-date. Getting advice from a professional in advance of major decisions will pay for itself many times over. Take care of yourself. Medical costs can increase substantially for people as they age, and there are currently many unknowns around healthcare. Therefore, it’s important to do what you can to avoid any unnecessary medical issues. Embrace a healthy lifestyle of eating right and exercising to help keep medical and prescription costs down. Don’t be shy about taking advantage of age-based discounts. There are many perks for people in their 60’s, 70’s and beyond. Look for travel discounts, cheaper cell phone plans, and special discounts at restaurants and movies to make date night even better! The bottom line is to stay the course and not abandon the financial values that have served you well and gotten you where you are today.
This guest post is from Ted Jenkin, CFP®. Ted is co-CEO of oXYGen Financial and is a top ranked personal finance blogger (www.yoursmartmoneymoves.com). He is a regular contributor to Investment News, The Wall Street Journal, and The Atlanta Journal Constitution. It’s official. For years and years everyone has labeled my generation (Generation X) the slacker generation. We were the ones that really started on the video game revolution with games like Pong and Atari and now we have relegated ourselves to worst in class when it comes to overall debt. Although the average balance on credit cards is neck and neck with baby boomers at $5,343 per card and we don’t carry quite as many credit cards as baby boomers, the average debt for a Gen X’er has soared to over $30,000. The Experian study showed that nationally, the average debt in the United States is $27,887 and the average bankcard balance is $4,501. So, why is such a successful generation getting so deep in debt? What actions can you take today to start improving your situation? There is a reason why Gen X’ers and Millennials are using their credit cards more and falling behind on their payments. I call it lifestyle envy. While social media has become really effective in bringing the world closer together, it has also created a set of unrealistic expectations for my generation based upon last night’s Facebook post. Doesn’t it make you angry that your childhood friends are all taking vacations to paradise whereas you suffer from having to take staycations? Aren’t you frustrated that your co-workers all seem to be driving a Porsche or an Audi and you are stuck rolling around in a 2001 Honda? How is it possible that your neighbor’s kids are having birthday parties like they are rock stars while you are still playing pin the tail on the donkey in your basement? You should learn by reading the study from Experian that although it appears they are living life like they are on an episode of Entourage, the truth of it is that their finances are a sinking ship weighted by an anchor of credit card. All the pictures on Facebook, Instagram, and Pinterest might give you the appearance they are doing well. But that is all smoke and mirrors as these images produce a level of irrationality in our minds when it comes to how we spend our money. The pictures tell us, “If they can do it, surely I can do it as well!” Notice there are no facts about income or net worth on Facebook. Notice that there are no budget numbers shown on Facebook. Since pictures are worth a thousand words, the posts we see night in and night out psychologically work on our brains to make us think we should be spending more than we need to with our credit cards. So, how can you fix your situation? Use these five rules as you manage your personal finances: Adopt The Pay Yourself First Rule – I’ve been doing this personally for 22 years in my own financial plan, and I recommend to save a minimum of 10% off the top before you plan out the rest of your budget. If you can get to 20% to 30% even better, but start at a minimum of 10%. If you try to save money after you spend, it’s likely you’ll have nothing because everyone is after your money. When It Comes To Raises At Work, Use the 1/3rd Rule – Hopefully, if you are between the ages 34 to 48, your income will continue to go up in your peak earning years. It is easy to expand your lifestyle as you make more money. Consider saving just 1/3rd of every new pay raise you get at work whether it be in your 401(k) or personal savings. 1/3rd will go to tax and keep a 1/3rd for fun. Get Down To Two Credit Cards You Use – Once you begin to pay off debt don’t cancel your existing credit cards, just stop using them. I’ve maintained a high credit score over the years by carrying several cards, but being disciplined to using two cards and paying them off all the time. Do you really need five more store cards? Use The Acid Test For Purchases – Before you make a purchase, ask yourself whether or not you need it, you want it, and you can truly afford it? Since the internet has created a wave of ease for our spending compulsions, before you click purchase give it 48 hours and then come back to the website to see if you still really want the merchandise. If You Are Struggling, Go To A Forced Budgeting Site – In the good old days, people used envelopes to sort out the cash from their weekly paychecks for paying bills. Today, there are websites such as www.mvelopes.com that can help you do this electronically as a family. This can be an especially powerful tool for those that lack self-discipline. Remember that sound from Pac-Man when you got caught by one of the Ghosts? If you don’t get your spending under control, that is what your personal financial picture will look and sound like as well. Use these smart money moves to get your debt under control and make your cash work toward making work optional one day soon!
Underscoring Experian’s goal to help consumers and be an advocate for credit education, the National Foundation for Credit Counseling (NFCC) awarded Victor Nichols, CEO of Experian North America, its “Making the Difference” award from their Annual Leaders Conference in Denver. This prestigious award is presented to organizations that have made significant contributions to assisting consumers with financial literacy, awareness and education, furthering the NFCC’s mission, visions and programs through a national presence. To learn more about Experian’s work with the NFCC, check out: Experian honored by the National Foundation for Credit Counseling for its Commitment to Financial Literacy; CEO earns NFCC’s “Making the Difference” Award Experian Provides 80,000 free memberships to the National Foundation for Credit Counseling®, the nation’s largest financial counseling organization
This guest post from Erin Lowry. Erin is the founder of Broke Millennial, where her sarcastic sense of humor entertains and educates her peers about finances. Erin lives and works in New York City, so she's developed quite the knack for finding deals and free events. At the tender age of 18 I opened a letter from my bank to find my first credit card. I peeled the card off the letter and took a moment to stare in awe at this powerful little piece of plastic that suddenly offered me access to money. This was 2007, pre-Credit CARD Act of 2009, when all a college student had to do to get a credit card was head down to the local back — or in some ghastly cases walk through vendor tables set up during orientation days. Students scribbled down their information in exchange for a free t-shirt or water bottle and gleefully received plastic cards that seemingly offered “free money.” After calling to activate my card I suddenly heard my father’s voice in my head, “It’s important you have a credit card. It will help you build credit for life after college, but in order to do so, you must use it responsibly.” “Responsibly” my father had explained, meant never exceeding my credit limit. It required that I pay off my card on time – and in full – each month with no exceptions. It meant not signing up for every credit card deal that would be offered to me, no matter how many frequent flyer miles or ridiculously high limits they tried to lure me in with. Taking his words to heart I used my credit card sparingly my first year in college. Once a month I’d charge an affordable purchase to the card, like filling up my gas tank, and pay it off on time and in full. As the year’s progressed, I became comfortable charging more than $30 or $50 a month – but always ensuring I would be able to pay off the card in full when the bill was due. Unfortunately, plenty of parents, teachers and peers spread myths about credit cards and credit scores. They may suggest carrying a balance, claiming it helps with your credit score. Or conversely, they warn to never get a credit card in college because it’s too tempting to rack up debt. Both schools of thought do a disservice to millennials. Carrying a balance does nothing more than rack up interest. Failure to own a credit card keeps you from developing your credit score. In Experian’s recently published study, millennials need the most guidance when it comes to handling credit. As a generation, we’re not only over-utilizing our credit cards, but more than 50% of us are failing to pay our bills on time. Late payments result in more money owed in interest and lowers credit scores. Instead of creating yet another stereotype about millennials – it’s time to reverse these trends and become a fiscally responsible generation. Credit cards offer a simple solution for building credit and learning to budget your money, but only if you’re using them responsibly. Set reminders for when bills are due. It’s easy — there’s even an app for that. Create a weekly (or monthly) budget and ensure you don’t charge more to your card than is allocated in your budget. And whatever you do, don’t pay off your student loan bills on a credit card. Credit cards don’t create bad habits, lack of awareness about your financial situation creates money problems. When properly utilized, credit cards can help you achieve financial goals — and get you those sweet rewards. Hey, we’re millennials – we all want trophies and rewards for good behavior.
The Fourth Annual State of Credit report is Experian’s comprehensive look at nationwide data to determine how four different generations are managing their debts by analyzing their credit scores, the number of credit cards they have, how much they are spending on those cards and the occurrence of late payments. Additionally, credit scores were examined in Metropolitan Statistical Areas (MSAs) to provide the 10 highest and 10 lowest credit scores in each generation across the nation. The study creates an opportunity for consumers to better understand how credit works so they can make informed financial decisions and live credit smart even in the face of national economic challenges. Check out the full infographic.
This guest post is from Donna Freedman (@DLFreedman). Donna is a former newspaper journalist and staff writer for MSN Money and Get Rich Slowly. Currently she writes for Money Talks News and for her own website, donnafreedman.com. What do Baby Boomers and millennials have in common? Stereotyping, retirement issues and, sometimes, a residence. About that last: According to a Pew Research Center study called “The Boomerang Generation,” 29% of adults aged 20 to 34 live with their folks. Which leads us to a two-pronged stereotype: Boomers were overly indulgent parents who never let their kids suffer even a moment of The Sadz, which is why millennials are such an entitled, failure-to-launch cadre. Maybe that’s true in some cases. Definitely not all. Technically I’m a Boomer (December 1957) but neither I nor anyone I know lived as an aimless, self-centered, smash-the-state brat – and ask my daughter whether I made her write thank-you notes and go to bed on time. As for those much-maligned millennials: Plenty would love to have decent jobs and places of their own, thankyouverymuch. Don’t blame them if sometimes the only available gigs are part-time and poorly paid. According to the Experian State of Credit report, their average debt load is $23,332 – and not necessarily as a result of riotous living, since that amount includes student loans. In fact, millennials have the fewest bank cards of the four generations studied – but they are developing some disturbing habits, such as late payments and overutilization of credit. Are they buying daily lattes and semi-annual tech upgrades with those cards? Hard to say. They could also be using them for things like groceries and utility payments, if they’re servicing student loans with less-than-ideal salaries. Which brings us to another Pew study: Some 27% of people in their 40s and 50s are providing primary support to a grown child, and more than one in five have provided some financial help to a parent in the past year. Maybe that’s one of the reasons this generation has the highest number of bankcards and carries the highest balances of the four generations studied. They’re managing it well (i.e., they have good credit scores) but that could change if, say, their job situations did. More to the point: If these sandwiched Boomers are carrying consumer debt and helping their kids and/or their parents, how much can they set aside for their own golden years? Especially since recent data from Interest.com indicate that seniors in 48 states run the risk of outliving their money. Not that the young folks are sitting in butter: If 29% of millennials can’t afford to make it on their own (hello, student loans!) what’s the likelihood that they’re saving for retirement now, when compound interest is on their side? The bad news, for both groups: Retirement is inexorable, whether it’s four years or four decades away. The good news: It’s not too late to catch up, or to get started – but it probably won’t be easy. Making conscious choices The trick is not to think of it as sacrifice or deprivation, but rather as living intentionally. That means finding new ways to meet today’s expenses without letting them overshadow future wants and needs. A tight budget does not necessarily preclude a meaningful life. Entire books and countless blogs are written on the subject of living frugally and creatively. (Everyone does this differently, by the way. You don’t have to dumpster-dive or make your own laundry soap unless you want to.) Start with a free budgeting tool such as Mint.com or PowerWallet. You might be shocked to find out how much of your paycheck is dribbling away on things that don’t really matter. Once you know where your money is – and isn’t – going, you can start redirecting it to where it will do the most good. These sites help you define goals and figure out new ways to reach them. Hint: Celebrate every victory, even if it’s just “I set aside another $20 for my Roth IRA.” That double sawbuck might not feel like much, but you are making progress. You are taking control of your finances by making smart, conscious choices about spending. No more second-guessing What you shouldn’t be spending? Another moment’s energy moaning about the past, e.g., “Why didn’t I make retirement a priority?” or “Why didn’t I choose a cheaper university?” News flash: The past is past and can’t be retrofitted with smarter behavior. We’re human. Sometimes we make the wrong choices. Sometimes we have “choices” thrust upon us: inflation, layoffs, illness, lack of jobs in our fields. Again: Focus on the progress you’re making vs. what went wrong in the past. For far too long I obsessed over what I considered my “lost” years, a time marked by depression, little to no financial planning, a protracted divorce that left me in my late 40s with zero savings. Frugality and creativity got me through and I came out on the other side with a university degree, rebuilt savings, a Roth IRA and – most important of all – the determination to live intentionally. Am I all set up for a cushy retirement? Not yet. But I’m working on it, and also working to live as intriguing a life as possible even though I don’t have a 9-to-5 paycheck. No more looking back to second-guess past mistakes. Instead, I decided that I don’t want to lose any more time focusing on the time I’ve lost. Here’s hoping you won’t, either.
We are thrilled that for the sixth consecutive year, Experian has earned a score of 100 on the Human Rights Campaign Foundation’s (HRCF) 2025 Corporate Equality Index (CEI). This recognition underscores our commitment to LGBTQ+ workplace equality. We are honored to join the ranks of 765 U.S. businesses that have been awarded the HRCF’s Equality 100 Award, celebrating our leadership in fostering an inclusive workplace. Experian’s dedication to supporting the LGBTQ+ community is reflected in several key initiatives: Name Change Process: We have a process for transgender and non-binary consumers to update their names on credit reports, ensuring their identities are accurately represented. LGBTQ+ Allyship 101 Training: This new training program is available to all Experian employees, promoting allyship and understanding within our workforce. Pride ERG Parenting Committee: Launched to support parents, grandparents and guardians of LGBTQ+ individuals, this committee provides valuable resources and community. Transgender Resource Guide: This guide supports employees who are transitioning at work, offering education and resources for colleagues and managers. Partnerships: We collaborate with organizations such as Out & Equal, GenderCool, The Trevor Project and Born This Way Foundation’s Channel Kindness to provide financial health, mental health and other resources to empower both our internal and external communities. At Experian, we are proud to be part of this movement towards greater equality and inclusion. We remain dedicated to fostering a workplace where every employee feels respected, valued and empowered to bring their authentic selves to work. Learn more about how we drive social impact in English, Portuguese and Spanish.
Achieving Top Workplace recognition for 12 consecutive years is no small feat, yet Experian North America has done just that. Named a Top Workplace by the Orange County Register once again, this milestone reflects not just policies or benefits but what truly makes Experian exceptional: our people. As Hiq Lee, Chief People Officer at Experian North America, notes, this honor is a testament to the remarkable contributions of our team. Experian’s employees shape an environment where innovation, inclusivity, and purpose thrive. More Than Work What sets Experian apart is our engagement with the world and community. Through initiatives like the Experian Volunteer Leadership Network and partnerships with organizations such as the Octane Foundation for Innovation and the Hispanic Chamber of Commerce of Orange County Education Foundation, our impact extends beyond the workplace. In 2024, we earned additional recognitions, including being named one of the World’s Best Workplaces™ by Fortune and Great Place to Work®. We were also recognized as one of the Best Workplaces for Parents, Millennials, and in Technology. The Secret to Success Our success lies in focusing on people. Experian is a place where careers are built, ideas are encouraged, and employees feel valued. Initiatives such as, Employee Resource Groups foster belonging, Mental Health First Aiders provide support, and technology hackathons inspire creativity. Innovation at the Core Innovation continues to drive our success. By leveraging technologies like artificial intelligence and machine learning, we are redefining decision-making and fraud prevention. This commitment to innovation empowers businesses and consumers worldwide, aligning with our mission to promote financial inclusivity. Looking Ahead For Experian, being a Top Workplace for more than a decade isn’t a finish line—it’s a springboard. With an ongoing commitment to our employees and communities, we continue to evolve, creating better experiences for our team, clients, and the world.
Experian is celebrating the one-year anniversary of The Legacy League Game Show™, a dynamic and interactive event that has revolutionized financial literacy education for students at Historically Black Colleges and Universities (HBCUs) and Hispanic Serving Institutions (HSIs). This innovative program, part of the B.A.L.L. for Life™ initiative, combines the excitement of a game show with essential lessons on credit and financial management. We marked the occasion where it debuted in 2023: at EntreprenUTSA at the University of Texas San Antonio. The Legacy League Game Show™ has traveled to ten universities such as Morgan State and Shaw Universities and major events across the United States. The National Urban League describes the event as transformational; HomeFree-USA calls it a “model for how to teach anything to Gen Z and other generations.” Thousands of students have participated across the country, and more than 99% report an increase in their financial literacy after the experience. As someone whose family didn’t discuss money matters growing up, this impact is especially gratifying. In addition to making learning fun, The Legacy League Game Show™ addresses a critical issue: financial invisibility among young consumers, particularly within communities of color. Forty percent of consumers under 25 are credit invisible, with 26% of Hispanic and 28% of Black consumers affected, compared to 16% of their white and Asian peers. Special guests, including rapper and college basketball standout Flau’jae, comedian and actor Mike Merrill, Louisiana State University wide receiver Chris Hilton, Jr. and Grammy-nominated D Smoke have joined the game show, adding star power and excitement. Next year, The Legacy League Game Show™ will hit the road again, visiting more schools and events. We already have stops planned at the #IYKYK Pitch Competition in partnership with HomeFree-USA, the University of Illinois in collaboration with the Hispanic Alliance for Career Enhancement (HACE), and the UnidosUS National Conference. Check out the action from our 2024 stops by clicking here.Learn more about Experian’s commitment to underserved communities in The Power of YOU 2024: Diversity, equity, inclusion and social impact report.
Modernizing the conversation around credit and financial literacy is a key commitment for Experian, especially for young adults. That’s why we partner with organizations like the Singleton Foundation to produce “Your World on Money,” to meet young people where they are, with engaging, easy-to-understand video shorts about credit, budgeting, and saving and more. We’re thrilled this commitment and creativity has earned both Gold and Bronze Anthem Awards, which recognize excellence in social good, celebrate the impactful work of organizations and initiatives that are driving positive change. Financial literacy is often not taught in schools, and the language around credit and personal finance can be intimidating. By normalizing these conversations, we hope to inspire confidence and action, helping young adults make informed financial decisions as they navigate life’s milestones. Our United for Financial Health partnership with the Singleton Foundation continues with our new series, the Finance Couch, where college students join our experts on a coach in the middle of a Los Angeles campus to answer their money questions. And our Anthem Award-winning series, HeartBroke, helps couples whose relationships are tested with financial issues to determine if they can work through it or end up HeartBroke(n).
Great Place to Work and Fortune have named Experian as one of the 25 World’s Best Workplaces™ 2024. This recognition highlights more than an award—it shows a commitment to our strong People First culture. Experian Chief People Officer Jacky Simmonds shares insights on how our people across the globe cultivate this culture, staying ahead of the curve through a unique blend of inclusivity, empathy, and a shared purpose. What does it mean to you, and to Experian, to be named among Fortune's World’s Best Places to Work? At Experian, we have long aspired to be one of the best companies in the world to work for, and over the past few years, we have made this a priority. Our journey has been marked by a commitment to putting our people first and fostering the collaborative and inclusive culture that sets us apart. This recognition reflects the common values that we share across our many countries and cultures and the dedication of our colleagues across our business. We spend so much of our time at work, so I think it’s important that every interaction – from the interview process to joining and every daily interaction – is a positive one where people are welcoming, supportive and generally just really nice people to work with. Reaching this milestone gives all of us at Experian some recognition, but also it is inspiring as we continue to strive to attract top talent who share our values, share our purpose and make every day an enjoyable one. How does Experian create an environment where employees feel empowered to innovate and contribute ideas that drive real impact? To fulfill our mission of bringing Financial Power to All™, we need as many voices, experiences and backgrounds as possible, so we can represent our clients’ differing needs. This culture of inclusion drives our innovations. We have employee-led initiatives, such as internal Hackathons that bring together these diverse perspectives to develop products and services like Experian Boost, Experian Go, Experian Smart Money Digital Checking Account, Experian Support Hub, and Transforme-se so we can serve the communities in which we live and work. How has Experian adapted to changing employee expectations since the pandemic, and what steps has the company taken to support employee well-being and work-life balance? We know that our people really value the ability to have flexible work model, so they can work to fulfill their role in a way that works for them. For some this is fully remote, for others it is hybrid so a balance of remote and in office, and for others in office, where their role requires it fully. We know from the feedback that we get that our people appreciate that we trust them and they have flexibility to deal with varying commitments that we all have outside of work. We also know that since the pandemic there has been an increased focused on wellbeing. Sponsored by our Chief Financial Officer, we embarked upon an initiative to invest in how we support people who may need additional support. We are very proud of our Mental Health First Aiders programme, which has trained around 400 colleagues across the world representing 23 countries and 28 languages and helping their teammates access resources. These volunteers receive consistent, ongoing and updated training. What specific initiatives or programmes at Experian do you believe set the company apart in terms of supporting professional growth and career development? We have invested in a number of things that we believe really make the difference. The first is developing great leaders at every level. Today’s leaders have many more challenges, many different age groups, a balance of remote and in person working, together with teams based in many different locations. Great leaders build great teams, so we think it’s important to invest in their development. That’s we built a leadership development portal – The Leadership Exchange – that has a wide range of resources to support them, including development programmes tailored to their needs. We also want to ensure that everyone at every level can develop their skills and progress their careers. So we launched our annual Global Careers Week, Experian University, and built a world-class digital curriculum so everyone can access the form of development they need based on their role or aspirations. There really is something for everyone. This way, we help our teams stay ahead of trends and ensure our business is equipped with the skills needed for the future. Looking forward, what are key goals or priorities for further enhancing Experian’s culture and employee experience? We’re truly proud of this amazing recognition, but we always strive to get better and acknowledge there’s always more to be done. We see an opportunity to make things easier in the way we leverage advanced technologies like AI to further enhance employee experience. For example, more personalised learning pathways, improved tools for productivity and collaboration. We make sure we don’t lose the human touch, but we also want to make the most of these innovations so we stay relevant with our largely tech populations. Being named one of the world’s best workplaces reflects Experian’s unwavering commitment to be recognized for having a great culture where people can do their best work with people they enjoy working with. Learn more about what makes Experian a World’s Best Workplace in the People section of our Annual Report and the Experian Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion, available in English, Portuguese and Spanish.
At Experian, we’re proud to observe Veterans Day and celebrate the contributions of our teammates and their families who have served in the U.S. Armed Forces. This year, we’re especially excited to be ranked #20 on Forbes’ 2024 Best Employers for Veterans list. The list is based on input from over 24,000 veterans who were surveyed by Statista. These veterans, from the Armed Forces, Reserves, and National Guard, work for companies with more than 1,000 employees. They rated their employers on factors like work atmosphere, salary, health benefits, career development, and programs specifically designed for veterans. We’re grateful for how our Veterans Employee Resource Group (ERG) supports the military community, from participating in events like Wreaths Across America, Carry the Load, and the Murph Challenge, to building wheelchair ramps for veterans’ homes. The Veterans ERG just completed its 20th ramp last month. With a goal of bringing Financial Power to All™, Experian provides free credit reporting to active-duty members and supports financial literacy and education through our partnerships with Support the Enlisted Project (STEP) and Operation HOPE. As part of our observance of Veterans Day, we invite veterans to join us for this week’s #CreditChat, “Transitioning to Civilian Life: Financial Considerations for Veterans” on Wednesday, November 14, from 3–4 p.m. ET. Thank you to all who have served our country. And we thank our veteran colleagues who bring their leadership, dedication and passion to Experian every day.
We believe that financial literacy leads to empowerment. That is why Experian supports initiatives and partners with community organizations to deliver financial education. We also develop products and services that give more control to consumers over their credit profile and financial health. As part of advancing our mission of Financial Power to All®, we are proud to announce we are helping more than 5,000 Hispanic individuals nationwide by relieving $10 million dollars of consumer debt. To provide families with this boost, we joined forces with ForgiveCo, a Public Benefit Corporation (PBC), to administer the acquisition and cancellation of qualifying consumer debt for the selected recipients. Beneficiaries will also receive a one-year premium Experian membership for free that offers access to their Experian credit report in English and Spanish[i], FICO® Score[ii], bilingual educational content, and other financial resources. We hope this effort helps raise awareness of the importance of financial literacy for everyone, and that Experian has resources to help individuals reach their financial dreams. To amplify the message, we collaborated with multi-platinum, award-winning singer and songwriter Prince Royce and you can see his video here. In fact, we have been making a concerted effort the last several years to evolve our educational resources and products to better support all underserved communities. Some of our other activities include the creation of the B.A.L.L. for Life initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, and sponsoring credit counseling for the military community with Operation HOPE. For resources in Spanish, Experian offers a credit e-book and consumers can access a full suite of articles at the Ask Experian blog here. [i] Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. [ii] Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more.
Even though 26 states now have a personal finance course as a requirement for high school graduation, 40 percent of college students do not feel they have enough knowledge about how to manage money. It’s a challenge that the Center for Financial Advancement® (CFA) Credit Academy addresses with participating Historically Black Colleges and Universities (HBCUs). A collaboration between Experian and HomeFree-USA, the program culminates in the #IYKYK (If You Know You Know) Pitch Competition and a couple hundred new knowledge ambassadors about financial health and credit. Here, competition finalists share their advice for students as they hit campus for a new school year: MALAYA MELTON, Alabama State University Advice I'll give to incoming freshmen is to try to apply for scholarships. It takes some of the burden off. For me, I took about two years making sure that I got the right amount of scholarships before coming to school, because I knew that I wouldn't be able to afford it. My family won't be able to afford it. So, try to be very serious about applying for scholarships, and apply to internships that also get you money that you can use towards school or your personal development. JAZMIN FELIZ ORELLANA, Bowie State University Don't take out loans if you don't have to. I think many freshmen forget that they'll have to pay off those loans once they graduate after a certain time, and that definitely can affect their credit, especially if they're not able to pay for it. OLUWATOSIN OYEKEYE, Alabama State University Save your money, save your money, save your money. It's okay to go to a college in your hometown. Save as much money as you can, because you really don't know where you'll need it. If you get that credit card, make sure that you're paying all the payments on time. Do not wait till the last minute to pay it. PHILIP OMO-TAIGA, North Carolina A&T State University Budgeting. I think that's really what plays into the whole thing of credit, which is there obviously to help you. But it can also go really, really bad. When you think about what it takes to find that healthy balance, you got to learn how to budget because you may go through a period where you're not working. So now it's like, "Okay, now I got to leverage this money that I maybe have saved up. Maybe think about my credit so that I'm not burying myself into a hole. I'm not working, so there's no way I can pay it down." I think when it comes to finding that healthy medium, budgeting is definitely key. CALVIN CHARLES III, Bowie State University A secure credit card. I think freshman year is a great way to enter college (with one) because you're going to have items and things that you are going to have to pay for anyway. Why not begin building your credit there? I can personally say my first credit card I opened at 18, so that gave me the years of credit history. ESANTE-JOY MCINTYRE, North Carolina A&T State University It is never really how you start, but it's how you finish. Freshman year I might not have that scholarship. But I promise you by sophomore year I had $10,000 from outside scholarships, I had $10,000 from doing pitch competitions, $5,000 from here, from there. So, don't give up on the idea of searching. If you are able to search, you'll find it. Those opportunities and resources are out there, and Experian is just a testament to that.
Amid some of the financial challenges that underserved communities experience, members across the financial services community remain committed to championing initiatives and programs that drive greater financial inclusion. In fact, collaboration has led to the inclusion of non-debt related payment information on consumers’ credit profiles, as well as digital services that make it easier to manage money. These efforts have helped to broaden access to fair and affordable financial resources for more individuals. While significant progress has been made, there is still more work to do. However, some of the misconceptions and myths about the financial services community are hindering further advancement. Debunking these myths will accelerate progress by building trust between the financial services community and consumers. Person withdrawing money from ATM contactless Myth #1: “Financial institutions have no interest in underserved consumers or credit invisibles.” The truth is, banks and credit unions want to say “yes” to more prospective borrowers, including individuals and families from underserved communities. Beyond being the right thing to do, it’s an opportunity to potentially build lifelong relationships with a relatively untapped market. A show of good faith to communities who have largely been ignored by the financial system could lead to customer loyalty that may extend to their family and friends. That’s why participants across the financial ecosystem have been proponents of including expanded data sources—such as on-time telecom, utility and video streaming service payments—on to consumer credit reports, as well as exploring other Fair Credit Reporting Act (FCRA)-regulated data sources, including payment data on short-term small dollar loans and expanded public records data. Making this data more accessible to lenders provides a more comprehensive view of a consumer’s ability and willingness to repay outstanding debt—an actionable solution to extending credit to consumers without lenders taking on additional risk. Myth #2: “There is a lack of trustworthy financial education resources.” The financial services community and affiliated organizations recognize that empowering people with financial knowledge and skillset are critical to consumers’ financial success. In fact, banks and credit unions are partnering with nonprofits and non-governmental organizations to better understand the unique challenges and opportunities within specific communities and provide relevant tools and resources. For example, Experian’s B.A.L.L. for Life (Be A Legacy Leader) program, launched in partnership with the National Urban League, serves as a catalyst for engaging with Black communities and low-income youth through live events and digital financial education. Subject matter experts, professional athletes, celebrities, and other influencers share their experiences and expertise, covering topics such as banking, credit, financial management and investing. In addition, to help people improve their financial management, Experian partners with the National Foundation for Credit Counseling (NFCC). The NFCC connects consumers with certified financial counselors to help them address various pain points, including debt management, homeownership, student loans or small business cash flow issues. Myth #3: “Underserved communities have few opportunities to build credit and enter the mainstream financial system.” People from underserved communities, as well as younger consumers and recent immigrants are often excluded from the mainstream financial system because they lack an extensive credit history. Historically, it’s created a vicious cycle; in order to get credit, you have to have credit. Fortunately, there has been a sea change in innovative solutions to address the specific needs of these populations. These include new credit scoring models and microfinancing which provide financial services to individuals who may have been excluded from traditional banking systems. In addition, by incorporating expanded data sources, such as telecom, utility and residential rental payments onto credit reports, lenders have more visibility into consumers who may have been excluded by traditional credit scoring methods.These programs help individuals and families from underserved communities establish and build a credit history that could enable loans, or the ability to rent an apartment or open their dream business. An example is Experian Boost®, a free feature that allows Experian members to contribute their history of making utility, cellphone, insurance, residential rent and video streaming service payments directly into their Experian credit profile. By incorporating nontraditional credit data like paying utility bills on time, online banking transactions, rental payments and verified income data, more people can establish a credit profile that can potentially qualify them for a loan. More Inclusion, Fewer Myths It’s encouraging that community organizations and banks are beginning to see the economic and social benefits of aligning on financial literacy and inclusion. As more initiatives come online, underserved populations will be able to establish a better financial foundation. Then, we can declare the myths to be history.
Experian is wrapping up several inspiring days at the 2024 Disability:IN Conference. We are a proud Presenting partner, and as part of our support this year, we had the honor of being the key sponsor for the NextGen Innovation Lab Pitch Competition. This initiative brings together young adults to develop innovative products or services that benefit individuals with disabilities. It provides a platform for young minds to harness their creativity and technical skills to solve real-world challenges faced by the disability community. This year, we challenged these NextGen leaders to create a product or service specifically for young adults with disabilities that can help them build their credit or improve their financial literacy. Only 10% of working aged people with disabilities consider themselves to be financially healthy, according to a recent study. Eight enthusiastic and passionate teams shared their ideas and the top two vote-getters’ pitched live, “Shark Tank” style, in front of thousands of conference attendees. The winner: Team 7’s “Experian Expedition,” which enhances the accessibility of the existing Experian app and adds new experiences such as an accessible credit card that also features braille; voice-guided, American Sign Language and closed-captioned exercises; and an incentive program for young adults as they reach various financial health milestones with cash back and coupons. We congratulate Team 7 and all of the teams for their collaboration with Experian and each other. The ideas and services developed through the NextGen iLab have the potential to make a significant impact on the disability community, enhancing accessibility, independence, and quality of life for millions. Sponsoring the NextGen iLab is just one of the many ways Experian is committed to disability inclusion. For the third consecutive year, Experian has achieved a top score in the Disability Equality Index (DEI) 2024. This accolade underscores Experian's ongoing efforts towards inclusivity in our workplace, products and services that are accessible and beneficial to individuals of all abilities, including the Support Hub, Financial Resilience Center, Inclusion Works, and the CMO/CCO Coalition. We’re proud our efforts are recognized by Disability:IN and the American Association of People with Disabilities (AAPD). To learn more about Experian’s commitment to inclusion, check out our Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion in English, Portuguese and Spanish.
Making a real difference in the world starts with embracing Diversity, Equity, and Inclusion (DEI) and accelerating social impact. It's not just the right thing to do, but it's also key to our mission of creating a better tomorrow, together. DEI isn't just a buzzword for us; it's at the heart of everything we do. Whether it's in our sustainability strategy or our day-to-day operations, we're committed to driving positive social impact and closing the financial wealth gap in underserved communities. It starts with our people. We’re proud to share their dedication and work in this year’s Experian Power of YOU Report 2024: Driving social impact and diversity, equity and inclusion in English, Portuguese and Spanish. Within these pages, you’ll see how we foster belonging with our teammates, and champion DEI beyond the walls of Experian. From developing products like Experian Smart Money to expanding Experian Boost in the United Kingdom, and launching Advance XScore in Peru, we're dedicated to making a difference in the world around us. To that end, you’ll see we’ve also included, for the first time, our new Positive Social Impact Framework, which will reinforce and help our clients, consumers and employees further understand how we are making a difference in our communities. At Experian, we strive to build a brighter, more inclusive future – for our employees, our clients, and our communities. Together, we can make a real difference.
Caps and gowns. Pomp and circumstance. Loans and debt. As the class of 2024 celebrate their college graduations, more than 43 million of them leave school with a total national debt of more than $1.6 trillion. Some are on better financial footing than others – with no debts as they start their careers – because of early financial and credit education. These learnings fueled ideas for students from Historically Black Colleges and Universities (HBCUs) who competed in this year’s #IYKYK Pitch Competition (If You Know You Know), sponsored by HomeFree-USA and Experian. The challenge: to create solutions that help their peers become debt-free within five years of graduation. Here, finalists share some advice for graduates on how they can start their post-collegiate lives on solid financial footing: OLUWATOSIN OYEKEYE, Alabama State University You're not too young. I feel like most people think it's until you're married or you have kids before you should take your financial life seriously. From your first couple of first paychecks, look into where you can invest. If you don't want to live from paycheck to paycheck, look for ways to grow your money. Take your credit seriously. If you want to own a home, you want to buy a car, these things are important. It's not too early, it’s also not too late to start taking these things seriously. JAZMIN FELIZ ORELLANA, Bowie State University You don't have to start off with a credit card with a $10,000 limit. You can easily start off with a secured credit card. And that's actually one of my biggest pieces of advice. Get a credit card, be mindful with it, don't spend, don't max it out, but definitely just practice and start using it to see if you're actually able to maintain your credit. That's a piece of advice that definitely has worked with me, especially with building up my own credit, which I hope to get soon to 800. MARCUS HARRIS, North Carolina A&T University Always go out and explore opportunities that could first boost your credit and put you in a more financial-free state. For example, with Experian, they have an Experian Boost program that when you're in school, if you have rent, you rent an apartment, you could apply that. Or even the Netflix subscription, you can apply that to the Experian Boost program and therefore you can help build your credit over the time. TAYLOR PAYTON, Bowie State University To college students who are about to graduate, once they get that job offer with a lot of zeros behind it, be mindful of lifestyle influences. Just because you're making a certain amount of money does not mean you have to spend all of it. Be mindful not to keep up with the Joneses. CHIOMA KALU, Alabama State University There's something my sister used to say. She used to say, "Pay now, play later. Or if you play now, you pay later." I feel like if they focus during their youth when they can really do these things and really go out there, do the jobs, focus on paying off everything, getting that financial literacy, getting that financial freedom, and then at age 30 you're already set up for life. That makes more sense than just going through life, just ballin’, and then at the end of the day, if you have to pay when you're like 60? You're still paying student loans? Come on, now. CALVIN CHARLES III, Bowie State University Do not get caught up in social media. Just because you want to live in the city doesn't mean that that's what you have to do. And there's nothing wrong with roommates. They can allow you to reach your actual goals. Every meal does not have to be eaten out. Social media creates a lifestyle that you wish to live, and living in that moment is great, but you have to think about your future and building that wealth for yourself directly afterwards. All of these students were part of the Center for Financial Advancement Credit Academy. To learn more about this program that supports HBCU students, click here.