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Borrowers Looking to Reduce Debt and Build Credit: Survey

As the economic recovery slowly continues, consumers are looking for ways to gain a solid financial footing.

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Specifically, they are asking lenders how they can raise their credit scores, reduce debt, and build their savings. That's according to the results of a financial literacy survey Minneapolis-based ""Wolters Kluwer Financial Services"":http://www.wolterskluwerfs.com conducted with 175 banks, credit unions, and mortgage lenders in December 2009.

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The survey results show that one out of every five institutions says consumers are often asking how credit scores are determined and what they can do to improve them. One in five also says consumers commonly ask about savings accounts insured by the FDIC or National Credit Union Administration (NCUA). And nearly sixteen percent of institutions say consumers are likely to ask about budgeting, debt consolidation and repayment, and savings.

The survey also asked institutions what financial literacy materials they felt were most helpful in educating consumers on financial products. Those offering information on Individual Retirement Accounts (IRAs) led the way with 77 percent of respondents. Those focused on refinancing mortgage loans and obtaining home equity loans or lines of credit followed closely at 71 and 70 percent.

""The results of this survey help reaffirm that many consumers are interested in learning how to improve their financial standing,"" said Lisa Fraga, VP and general manager of banking for Wolters Kluwer Financial Services. ""By arming yourself with as much information as possible concerning financial products, you're more likely to make the right choices that will benefit you the most financially.""

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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