National Credit Education Month Comes As US Household Debt Reaches New High

As National Credit Education Month begins, new research underscores the importance of financial literacy, particularly as American household debt reaches a record $18.04 trillion, according to the New York Federal Reserve.

A recent Harris Poll commissioned by FICO highlights a growing demand for personal finance education and a need for better understanding of credit scores.

The survey found that 74% of Americans believe their financial situation would improve if they had access to more personal finance resources. Among Gen Z adults, understanding how credit scores work ranked as one of the most critical financial skills (60%), second only to managing a checking or savings account (64%). However, 21% of Gen Z respondents said they lack the tools or knowledge to manage their credit responsibly.

Founded in 1956, FICO has been a leader in predictive analytics and data science, shaping how credit risk is measured in the U.S. and in over 40 countries worldwide.

The FICO Score is the standard measure of consumer credit risk in the U.S. and is used by 90% of top lenders to assess creditworthiness for loans, mortgages, credit cards, and more. Understanding how FICO Scores work can significantly impact financial decisions, making credit education a key component of long-term financial stability.

To help consumers improve their financial literacy, FICO provides free credit education resources and access to FICO Scores at myFICO.com/free.