National Foundation for Debt Management (NFDM) promotes sound credit use for students and graduates.

NFDM Director of Public Policy, Vern Farnsworth, addresses Eckerd College’s Academy of Senior Professionals. 


St. Petersburg, FL – National Foundation for Debt Management Director of Public Policy, Vern Farnsworth, spoke on the history of credit and the dangers of its inappropriate use in the current economy, in an address to members of the Academy of Senior Professionals at Eckerd College (ASPEC), on August 14, 2008.

"Excessive use of credit is the new 800 pound gorilla," Farnsworth noted, observing that the burden of the mortgage crisis has reached nearly one trillion dollars. "The sub prime dilemma is symptomatic of a lack of understanding of financial management by a large segment of our society."

The improvement of personal financial wellness for American consumers is at the heart of NFDM’s mission. In addition to having assisted greater than 1200 adults through seminar and workshop events in the first half of 2008, Foundation staff regularly participate in events and programs designed to assist in preventing youth from falling into debt traps.

ASPEC is dedicated to intergenerational learning and works closely with faculty and students at Eckerd College. In addition, more than 1000 community service organizations have benefited from the involvement and contributions of Academy members.

Farnsworth informed the ASPEC audience that "the average college student graduates with $4300.00 in credit card debt and $20,000.00 in student loan debt." As a nation, he proposed,"we need to teach young people not to succumb to easy credit, whether in the form of credit cards or student loans."

Mr. Farnsworth is Director of Public Policy at the National Foundation for Debt Management in Clearwater, Florida and may be reached at 1-800-344-5153 ext., 247.

About NFDM
National Foundation for Debt Management is committed to providing education on money management, homeownership, and appropriate use of credit. Visit www.nfdm.org to learn more about NFDM’s efforts and success helping consumers understand, build, control and protect their personal finances.  

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