WHEREAS,  according to recent statistics, the average American credit card debt is $15,611, the average mortgage debt is $155,192 and the average student loan debt is $32,264; and

WHEREAS,  the United States consumer debt in January of this year was $3.328 trillion and, of this, $2.44 trillion was nonrevolving debt and $887.9 billion was credit card debt; and

WHEREAS,  a household debt crisis occurs when a family starts falling behind on monthly payments, and any sudden loss of income, or increase in costs, can cause a household debt crisis; and

WHEREAS,  approximately 13% of Americans do not have health insurance, which increases financial hardship for everyone; and

WHEREAS,  one of the biggest reasons for debt is medical expenses, which cause half of all bankruptcies in the United States; and

WHEREAS,  foreclosure filings for 2013, including notices of default, scheduled auctions and bank repossessions, were reported on 1.36 million properties; and

WHEREAS,  financial education, which makes our State more financially literate, is important to improve the financial capability of Maine residents, from kindergarten to college and beyond; and

WHEREAS,  financial education efforts are a key element in preventing future debt and financial difficulties and in developing in our citizens a better understanding of basic personal and business financial matters; and

WHEREAS,  the Finance Authority of Maine offers a variety of statewide initiatives and education workshops and programs to the public and to schools on financial literacy and is committed to helping people manage their money; now, therefore, be it