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Daily Free Press: Americans financially illiterate

March 19, 2008

AFFIL appeared in this article by Teresa Gorman on March 19, 2008:

“Self-regulation simply does not work. In fact, it is detrimental to the American dream.”  - Matthew Goldman, Americans for Fairness in Lending.

The responsibility for college students’ debt should be placed on students and the credit companies that take advantage of them, said Americans for Fairness in Lending student representative Matthew Goldman in an e-mail.

Goldman, a Boston University College of Arts and Sciences junior, said loan companies “love to prey” on college students and said students should be aware of what could leave them with large amounts of debt. Goldman said third-party lenders “attempt to wiggle their way into the hearts and back pockets of vulnerable students,” with promotions and give-aways.

Though lender education is important, federal regulation of the lending industry is necessary for the economy’s well-being, he said.
“Self-regulation simply does not work,” Goldman said. “In fact, it is detrimental to the American dream.”
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