Financial Stability Partnership Moving Toward Goals
Sunday April 25, 2010
21 area non-profits and other groups that make up the Financial Stability Partnership met in May at United Way offices to coordinate their work for family financial stability. The group committed to using credit scores as a tool to help families build their financial knowledge.
The Partnership reasons that it takes families establishing effective budgets in order to pay down debt. As debt is paid down and bills are paid on time, the credit score increases.
The group committed to the tool of increasing credit scores because it drives other financial education that is necessary to produce savings for families. Savings that are ultimately are used for emergency savings accounts, sustainable affordable housing, higher education to produce more family income or reliable and safe transportation for work,. These kinds of assets are proven to help families achieve financial stability to support themselves through to retirement and good health.
The region's average credit score is 694 while "good" is considered 720 and up. The groups at the May meeting were:
AARP
Big Brothers Big Sisters (Polk)
Bocc Polk Human Services
Boys & Girls Clubs Lakeland/Mulberry
Church Service Center
Explorations V
Family Emergency Services
Frostproof Care Center
Hardee Help Center
Heart of Florida Legal Aid Society, Inc.
HELP of Fort Meade, Inc.
Internal Revenue Service
Mulberry Community Service Center
Ounce of Prevention Florida
Talbot House Ministries of Lakeland, Inc
The Salvation Army Serving West Polk
United Way of Central Florida
Women's Care Center Of Bartow, Inc.
Women's Resource Center
Word Alive Ministries, Inc.
