Steps to take after your counseling session is complete.

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"Consumers in such a predicament can seek help from legitimate credit
counseling organizations whose payment plans may be much better than
what they may have to pay under the new rules.
"In the long run the minimum payment increase will benefit
consumers," continued Bucci.org or to learn more about MMI visit
www.
Jeff Jaffee , Citicorp's National Director for Fair Lending,
commented, "CFSI is the hub for anything that is happening in the US
market that is focused on the underbanked. For
more information or to contact an AICCCA member office call (800) 450-1794 or
visit http://www.

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"

About Money Management International

The Money Management International Financial Education Foundation
operates to educate the general public on sound personal financial
skills and money management principles by developing, delivering, and
supporting programs that teach those skills and principles. The
total funding pool will be between $750,000 and $1,000,000.
This second round will focus on applications which help move
low-income consumers towards wealth creation, break new ground,
leverage partners synergistically , and demonstrate the potential to
become profitable or financially self-sustaining, as well as achieve
either internal or external scale. EOUST requirements are
consistent with the standards and practices to which all AICCCA members must
adhere.

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Funded as
an extension to the education and counseling Money Management
International (MMI) provides nationwide, the MMI Financial Education
Foundation exists to educate the public and spread financial literacy. AICCCA members
have applied with the EOUST and are ready to help consumers in need of
counseling.

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"The new credit card lending guidelines that are becoming
effective in 2005 will drastically change the way Americans have used
unsecured credit," said Steve Bucci, president of Money Management
International Financial Education Foundation .
For more information about MMI Financial Education Foundation visit
www.
For more on CFSI , go to www.
"The new credit counseling requirement to file for bankruptcy may seem
unusual to those unfamiliar with the process," said Dave Jones, president,
Association of Independent Consumer Credit Counseling Agencies.

Please only submit web sites containing consumer information pertaining to the topics of Debt and Bankruptcy.

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MMI Gives Guidelines for Minimum Payments on Credit Card Accounts to Ensure Faster Pay Off; Card Issuers Given Guidelines To End Negative Amortization

The guidelines require that credit card lenders regulated by the
Office of the Comptroller of Currency, Board of Governors of the
Federal Reserve System, Federal Deposit Insurance Corporation and
Office of Thrift Supervision stipulate a minimum payment that will
amortize a consumer's current balance over a reasonable period of
time. In order to meet the guideline, minimum payments will increase.mmifoundation.

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A new bankruptcy law that takes effect in October of this year
could spell additional trouble for consumers with large credit card
debt who may believe bankruptcy is their best solution.
"CFSI has been a wonderful partner to us, connecting us to
incredible resources, people and partners as we develop and implement
our new initiative," said Dr. Its mission is to facilitate efforts to offer
underbanked consumers across the economic, geographic and cultural
spectrum asset-building opportunities that create value for both
customers and companies.

Founded in 1993, Association of Independent Consumer Credit Counseling
Agencies (AICCCA) is a national membership organization, established to
promote quality and consistent delivery of credit counseling services.

Web sites offering strictly financial services should be submitted to an appropriate category in Business/Financial_Services/ or related categories.

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"However, in the short term credit card
holders will have to adjust to the new rules by planning in advance
how they will pay their credit purchases.

Business Editors/Financial Editors

CHICAGO----The Center for Financial
Services Innovation released its Request for Proposals today for its
second round of funding awards, designed to advance practical
strategies to service underbanked consumers and offer them
asset-building opportunities. Everyone who is innovating
and experimenting with ways to address the underbanked market is
getting funneled to the Center. It provides funding and resources, enables
partnerships, and develops and distributes authoritative information
on how to respond to the needs of the underbanked both profitably and
responsibly. You can expect your
counselor to spend the time necessary to explore all of your options with you
during your counseling session.org .

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Other inaugural recipients included a groundbreaking loan
product for person -to-person loans, web-based benefits eligibility
screening tool which linked to bank access, and financial literacy
training for immigrants and refugees.com

, The Federal Bankruptcy Reform bill
will go into effect in October 2005. You may choose to receive counseling in person, by telephone or by
Internet.
What to expect from your counseling session.aiccca.

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"
For the many consumers who are overextended and have trouble
making the current minimum payments on their credit card accounts , an
increase in the minimum could cause immediate financial problems. The Center will invest in for -profit
companies, as well as provide grants to nonprofit organizations. A credit counselor will
review your financial situation and determine your total amount of debt, your
ability to repay and explain the options available to you.

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Business Editors

HOUSTON----Consumers that have become
accustomed to making minimal payments each month on large credit card
balances may be in for a shock.
Under the old rules, a large credit card balance could take
decades to pay off and interest payments can end up two or three times
as much as the original balance under existing credit lending rules. The counseling completion
certificate is what you will need to give to the court if you decide to file
bankruptcy.

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The Center for Financial Services Innovation Offering Investment Capital Grants; Funds to Support Sustainable Underbanked Innovations

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New credit card lending guidelines
will raise the minimum amount each month consumers are obligated to
make.
For some, the minimum payment , which has been as low as two percent of
the balance for some customers, does not cover all the interest
charges and any applicable fees so the consumers' balances actually
increase after the payments rather than decrease. Denise Fairchild, President and CEO of
CDTech, one CFSI's inaugural grant recipients . CDTech received seed
money to assist in the development of an enhanced stored-value card
and web-based credit counseling service for low-wage workers in Los
Angeles.

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Under the new
law, those that make more than the median income for their state may
not qualify for total debt relief and will likely have to pay back
most of the money to their creditors. "We want to
assure all those that will seek personal bankruptcy protection, that AICCCA
member agencies are well-qualified to help them fulfill the counseling
requirement and gain the necessary knowledge about their financial situations
to make informed decisions.

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The clerk of the court
where the bankruptcy is to be filed will provide a list of Executive Office
for United States Trustees approved credit counseling agencies.

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"

About CFSI:

The Center for Financial Services Innovation, an initiative of
ShoreBank Advisory Services , was founded in 2004 with support from The
Ford Foundation.cfsinnovation.

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org

"

AICCCA Consumer Guide to New Bankruptcy Law Credit Counseling Requirement:
Choosing an approved credit counseling agency.

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"It will no longer be
possible to purchase things on credit without some plan in place to
pay off the balance in a much shorter amount of time than many
consumers currently do. CFSI is particularly interested in
several promising strategic areas, including stored-value card
solutions; remittances with ties into asset building; workplace-based
strategies; bank-nonbank partnerships; alternative credit scoring, and
self-service delivery channels.

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moneymanagement.

AICCCA Consumer Guide to New Bankruptcy Law Credit Counseling Requirement

FAIRFAX, Va.

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At that time , anyone wishing to file for
personal bankruptcy protection will first be required to seek counseling from
an Executive Office for United States Trustees (EOUST) approved credit
counseling agency before becoming eligible to file.

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CFSI works with banks, credit unions, technology vendors,
alternative service providers, consumer advocates, and policy makers
to forge pioneering relationships, products and strategies that will
transform industry practice and the lives of underbanked consumers. All your options
for action will be explained to you and along with that information you will
receive a certificate of completion from the agency.