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Consumer Credit Counseling Service Partners with Resource One CU in Matched Savings Program
Thursday, June 5, 2014 6:55 AM

At least 39 percent of Dallas residents are considered asset poor according to the latest poverty report card from the United Way of Metropolitan Dallas. The asset poor are those who do not have a cushion or emergency savings for a rainy day – and live one crisis away from poverty without the ability to save. Consumer Credit Counseling Service of Greater Dallas and Resource One CU have recently partnered to help Dallas consumers create emergency savings and reverse the asset poverty trend by offering free financial counseling, education and matched savings during a 12-month savings and financial capability program called Accountable, Inspirational, and Motivational (A.I.M).

A.I.M. is a CCCS individual development account (IDA) wherein CCCS will match up to $25.00 per month for 12 months for those who live in Dallas, Collin, Southern Denton or Rockwall Counties, engage in one hour of education, coaching  or counseling each month, and make at or below the income requirement of $56,080 for a household up to four people. Resource One will open and hold the matched savings accounts for CCCS A.I.M. clients during the 12-month program.

“We know that saving can be challenging and we are excited to introduce a program with a return on investment for our members,” said Phillip Crocker, financial educator with Resource One CU. “We are so pleased to work with CCCS to help Dallas consumers and our clients realize their financial goals, receive valuable education and experience a financial return on their savings.”

“If saving was easy, everyone would be great at it,” said Sharon King, interim CEO and president for CCCS. “For more than 40 years, CCCS has been helping consumers learn more about the value of savings through free financial counseling and education and now we have the extra incentive of offering a financial match for their savings during a 12-month period. It is thrilling to see consumers get into the habit of saving and work toward financial stability and long-term goals.”

Starting in May 2014, Dallas-area consumers will be allowed to enroll in A.I.M. at any of the eight Resource One Credit Union Dallas locations. A.I.M. will be available for up to 400 consumers every year for the next three years. Those enrolled in A.I.M. have the potential to create $600 in savings at the end of a 12-month period.