Three quarters of Americans are unaware that bouncing a check usually costs more in fees than short-term financial options like pay day loans and wire transfers.

In a recent survey from the Center for Economic and Entrepreneurial Literacy, just over a third of respondents reported that they had a budget plan in place that would help them eliminate their credit card debts in 2009.

The survey also found that just under a half of respondents knew what a subprime mortgage is, half admitted to overdrafting their checking account at least once, while a third said they had paid at least one late bill recently.

“It is clear that we need to increase personal finance education for adults so we have better informed employees, borrowers, and voters," said CEEL managing director James Bowers. The organization recently announced a campaign to better educate the public and policy makers about the importance of making good financial decisions.

For those struggling with their finances, becoming better informed on financial matters can be very helpful and important. There are also a variety of short-term ways to deal with financial shortfalls, such as pay day loans and other options.

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