American Express partnered with software developer Federated Media to produce its new Currency program, which is designed to give young consumers advice about their finances, including how to reduce their credit card debt. In addition, the companies launched an iPhone app that allows users to share financial advice.
"With Currency, we have brought together best-in-class partners, a youthful point-of-view and voice, and a rich, innovative social media platform to help empower visitors to the site with the knowledge and savvy it takes to attain financial success," said Pepper Evans Roukas, an American Express vice president.
The service also features columns from 25 of the nation's top personal finance writers, giving advice on planning and savings, spending and "big decisions," the company said. This can help them rein in habits that could lead to credit card debt.
Many young people face financial trouble soon after leaving college, as the average student graduates with several thousand dollars in credit card debt.