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"Barely half of Generation Y pays its bills on time and a third of all adults don't know their credit scores, a financial survey released Tuesday has found."

By MSN Money staff

"If there were ever a time that Americans needed to embrace financial literacy, it is now," said Susan C. Keating, president and CEO of the nonprofit counseling agency.

"With many economists suggesting that the United States either is in a recession or is facing one, basic financial skills would help consumers stay afloat, says MSN Money Editor in Chief, Richard Jenkins."

"Learning to manage money is like any other skill," Jenkins said. "You've got to take the time to learn the basics and then practice, practice, practice."

WASHINGTON (AP) -- "The Federal Reserve reports that more banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to a spreading credit crisis."

"The current credit crisis began last year with rising defaults in the market for subprime loans, loans extended to borrowers with weak credit histories. Many of those subprime loans were packaged into mortgage-backed securities and sold to investors around the world."

CNNmoney.com
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