Carol Johnson, Southern Indiana Business Report
Consumer debt carried by Americans rose nearly 10% over the past year, increasing to $17.80 trillion according to the Federal Reserve Bank of New York.
Student loans, mortgages, car payments and credit cards are the most common forms of consumer debt.
Of the various forms of consumer debt, credit card debt saw a significant increase. According to Experian, the average credit card debt increased by 17.4% from 2022 to 2023, likely a reflection of the increasing cost of goods. Because credit cards charge high interest rates, consumers who carry a balance month after month can spend years trying to pay down their debt.
To educate consumers in money management, a regional bank headquartered in Evansville is rolling out a podcast and video series. Old National Bancorp’s new digital initiatives are a Real-Life Finance Podcast and a Smart Money Half-Minute video series.
According to a press release, the Real-Life Finance Podcast is a complement to Old National’s Real-Life Finance eLearning education platform and in-person workshops. Hosted by Old National Financial Empowerment Director Ben Joergens, each episode focuses on everyday financial solutions that empower listeners to build the financial future they richly deserve. The debut episode, featuring former NBA player and current Old National Executive Recruiter Luke Zeller, is available at oldnational.com/RLF as well as on popular podcast platforms.
The Smart Money Half-Minute videos, which debuted in October, are featured on Old National’s Instagram and TikTok channels, as well as at oldnational.com/Smart Money, with a new video posted once a week. The videos star young adults who share their advice about budgeting, saving and other keys to effective financial management.
“Old National believes that a strong foundation in money management is fundamental to achieving one’s dreams and maintaining financial independence and success,” said Old National Chief Communications, Culture & Social Responsibility Officer Kathy Schoettlin. “That’s why we are so excited about these new, fun and engaging additions to Old National’s financial education tool kit.”
The Smart Money Half-Minute videos dovetail with Old National’s Real-Life Finance online financial education curriculum. Real-Life Finance is a low-cost ($4.95 for a lifetime license) e-learning program with 46 individual lessons covering Financial Psychology, Budgeting, Account Management, Credit, Loans and Debt, Careers, Entrepreneurship, Home Ownership, and more. This program is available for universities, business clients (for their employees), and more.
“Our Real-Life Finance lessons aren’t lectures full of complicated, out-of-reach ideas,” said Joergens. “They are easily understandable, interactive tools that engage users and help them understand different views and behaviors.”
For more information, or to enroll in the Real-Life Finance program, go to oldnational.com/about-us/community/financial-education-courses/real-life-finance. To view the Smart Money Half-Minute videos, follow Old National on Instagram at instagram.com/oldnationalbancorp, and on TikTok at tiktok.com/@oldnationalbancorp.