If you’re ALICE, we can help.
Often, having a job doesn’t mean making enough money to cover basic needs. But you may make too much to qualify for public assistance. If you’re in this position, you may be considered ALICE—Asset Limited, Income Constrained, Employed.
Does this sound like you? We’re working closely with the United Way of the Adirondack Region, as well as credit unions SeaComm and UFirst, to create a financial literacy course that will launch in 2021. We’re still putting together the details about when, but if you’re eligible for the federal Earned Income Tax Credit, you’ll be eligible for the course. (Tip: If you qualify for the credit, that means you’re also eligible for free tax preparation services through the United Way.)
Everybody who finishes the course can start an account, into which we’ll deposit $300. The accounts can be used for 24 months to establish a shared, secured loan to build or repair credit. So much depends on having good credit—getting a car loan, or a credit card for emergencies, or even a job, as many employers run a credit check before making an offer.
The best part? After 24 months, the $300 belongs to each member.
“We’re acutely aware that many people who work at one, two or even three jobs still have to make difficult decisions about which bills to pay each month,” said Russ Cronin, CEO of the Adirondack Regional Federal Credit Union. “This course is just another way we help our members, and community, work toward financial success. For a lot of people, a spending plan today leads to a savings plan tomorrow—even when saving seems impossible.”
To learn more, call any of our branches for information.