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Synchrony Introduces New Standards in Consumer Credit Education

In a groundbreaking move aimed at enhancing consumer understanding of financing options, Synchrony (NYSE: SYF), a prominent player in the consumer finance sector, has unveiled its Fair Financing Principles. This initiative is designed to provide consumers with the clarity they need when navigating their financial decisions, particularly regarding healthcare costs.

A Commitment to Transparency

Synchrony has consistently emphasized that consumers require straightforward and comprehensible information to make informed choices. With rising healthcare expenses and increasing consumer anxiety about personal finances, the Fair Financing Principles serve as a significant resource. Recent studies indicated that 52% of Americans have difficulty covering out-of-pocket medical costs, while 53% have postponed necessary medical care due to financial concerns. Synchrony aims to bridge this knowledge gap through transparency and proactive education, thereby empowering consumers.

Focus on Health and Wellness

The launch of the Fair Financing Principles is particularly timely, focusing initially on the health and wellness sector—one of Synchrony’s key areas of operation. Beto Casellas, the executive vice president and CEO of Health & Wellness at Synchrony, shared insights about how these principles have been foundational to the company's philosophy for over 35 years. By publicizing these principles, Synchrony hopes to set a new industry standard, ensuring that consumers are well-informed regarding their financing alternatives.

Comprehensive Consumer Tools

In conjunction with the Fair Financing Principles, Synchrony is enhancing its suite of online consumer financing tools. A notable addition is the CareCredit Procedure Calculator, which provides users with estimates for over 700 health and wellness procedures by zip code, based on average costs from the top cities across each state. This transparency not only aids in budgeting but also alleviates anxiety surrounding unexpected healthcare costs.

Bobbi Rebell, a financial wellness expert, commended these efforts, stating, "The Fair Financing Principles offer consumers clarity and elevate industry standards by providing comprehensive resources online." This initiative aligns with Synchrony's ongoing commitment to financial wellness and education, ensuring consumers have access to the information they need to make well-informed decisions.

Key Features of the Fair Financing Principles Page

The Fair Financing Principles webpage hosts resources aimed at improving financial literacy among consumers, including:

• - Payment Options: Clear explanations about various methods to cater to health and wellness expenses not covered by insurance.
• - Promotional Financing Overview: Simplified descriptions of promotional financing options and how terms such as deferred interest work.
• - Payment Calculator: A tool to help estimate monthly payments based on different financing options.
• - Sample CareCredit Billing Statement: Guidance on understanding how to read monthly statements and what key information to look out for.
• - Provider Tips: Insights from health and wellness providers on how to support patients in understanding their financing options.
• - Cardholder Testimonials: Real experiences from current CareCredit cardholders sharing how financing impacted their healthcare decisions.

Enhancing Financial Literacy

The objective of Synchrony’s new initiative extends beyond merely advertising a product; it aims to foster a culture of informed financial decision-making among consumers. As the healthcare landscape continues to evolve, tools and resources like the Fair Financing Principles are crucial in equipping Americans with the knowledge they need to navigate this complex space successfully.

The Role of CareCredit

CareCredit, Synchrony’s dedicated credit card for medical services, is a vital part of this initiative. With acceptance among over 280,000 providers nationwide, it offers a flexible financing option for various health-related expenses, empowering consumers to prioritize their health without being hindered by upfront costs.

By offering these strategic resources, Synchrony is not only addressing an urgent consumer need for transparency in financing but is also setting the groundwork for a new standard in financial education that promises to benefit millions of Americans.

For more detailed information on the Fair Financing Principles and resources, visit CareCredit's Official Page.

About Synchrony

Founded nearly 100 years ago, Synchrony continues to stand at the forefront of consumer financing across numerous sectors. With a commitment to responsible lending and innovation, the company serves millions of individuals and supports thousands of businesses across the U.S. Acknowledged as one of the top companies to work for, Synchrony remains dedicated to fostering healthier financial lives for its customers.