With the move of the Financial Information and Resource Center, a number of faculty members hope that its resources will continue to be put to use.
The Financial Information and Resource Center is in its second year of providing free debt counseling and financial information to students, faculty and staff.
Approximately 140 people used the help of financial counselors and available information last year, according to Julie Heath, chair of the department of economics and director of the Center for Economic Education.
The new location of the Financial Information and Resource Center is room 202 in Wilder Tower. Heath hopes this location will be more visible to students.
The center does not officially open its doors until Sept. 22. At that time, students will be able to come in for help on Wednesdays from 2-6p.m.
The idea of a financial service came about when senior economics major Kristin Cicala researched the debts that students get into while attending college.
Heath said she and other colleagues were impressed with Cicala's work after hearing several students complain about the lack of help they had with their finances.
Heath believes that students often triple their debt obligations when they enter college.
"On average, students receive eight credit card offers during the first week of school," Heath said. "It is very easy to let it (debt) get out of control."
Jerry Turner, associate professor of accountancy, believes students easily place themselves in a mess when using credit cards.
"It is very easy to put debt off until the future or until you graduate," said Turner. "Everyone thinks that they're going to be rich. But interest rates are a killer. Those credit card interest rates are there, whether you are rich or not."
The Center for Economic Education teamed up with the MemphisDEBT Collaborative to initiate a plan to help students. MemphisDEBT Collaborative, a local organization that is comprised of a group of agencies of non-profit, private and public sector, educates the public on financial freedom.
"I think it is great that The University of Memphis is taking responsibility. We (U of M faculty) have responsibility beyond the classroom," Heath said. "We got the approval of the president and the provost and created the center."
Turner believes that any access to qualified counseling is a plus for students and faculty.
Many students feel that the center would be great, but some students may not take advantage of this service.
Cortney Hancock, sophomore biology and chemistry major, believes that financial counseling could be very useful.
"There are so many people that target college students," Hancock said.
Amy Sloan, sophomore hospitality and resort major, agreed that college students need somewhere to go when they have questions about personal finance.
"They (students) are not near their parents, so they can talk to someone about it," Sloan said. "But there are a lot of things we have on campus that people do not necessarily use."
Students and faculty can get answers to general finance questions from volunteers at the center's front desk, Heath said.
"Volunteers from banks and consumer credit companies work as counselors," Heath said. "They can answer the more serious questions and offer help."
There will be a celebration of the new location of the center today at 3 p.m. in room 220 in Wilder Tower. Heath will be the speaker and door prizes will be given away to those who attend.
