Saturday, April 19, 2014

ASSET POVERTY: SHADOW ON THE AMERICAN DREAM

April is financial literacy month and in a nation where nearly 44 percent of households are liquid asset poor, one can quickly understand why it’s important to call attention to this topic.

To be liquid asset poor means if a family was to encounter an out-of-the-ordinary expense such as a broken water heater or medical bill, the family would have to borrow money to pay it. And that’s just the tip of the problem. If they are among the 56 percent of consumers who have subprime credit scores, their only recourse may be turning to a high-cost, predatory lender and we all know the rates Pay Day Lenders require!

Who are the liquid-asset poor? 
According to the Corporation for Enterprise Development and its Assets and Opportunity Scorecard, the “majority of liquid-asset poor are white (59%), employed (89%) and nearly half (48%) have some college.”

Wednesday, April 16, 2014

A CREDIT UNION CODE OF ETHICS

Today I came across a promotion associated with the Co-operative Bank of the UK

I’ve admired this financial cooperative for some time, ever since I learned that they follow a strict code of conduct when it comes to investments and social responsibility. Guess you can say they practice what they preach.

The Co-operative Bank sees itself as a pioneering business that delivers sustainable financial services to its members and society. Its vision—to become the compelling co-operative alternative in the markets in which it competes.

Its story gets even better.