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State leaders initiate effort to ‘Build wealth, not debt’
By Derek Hodges
Local leaders gathered with representatives of several banks and non-profits at Harrah’s Cherokee Hotel on Oct. 12, to discuss plans to help get North Carolinians out of debt.
The event was part of N.C. Saves, a statewide effort to encourage people to save money so that they can avoid building debt. Program leaders are encouraging participants to sign a pledge to save a certain amount of money each month. They offer several goals that people might want to save for, including retirement, education, special purchases, debt reduction and emergencies. Program publications also include recommendations for monthly expenses that may be decreased or eliminated to provide more money for saving.
Sponsored by the N.C. Cooperative Extension Service, the program is supported by RBC Centura Bank and is part of a larger nationwide effort.
Extension members, as well as representatives of Consumer Credit Counseling Service of WNC, the Internal Revenue Service and Qualla Financial Freedom, led the Cherokee event.
Celeste Collins, executive director of CCCS, said she was looking forward to the results that could come from the new initiative.
“I’m so excited about this new program I’m about to bust,” she said. “So many people are a slave to debt. Financial literacy is so important.”
Margaret Umlauf, a senior tax specialist with the IRS, offerred the group information on the Earned Income Tax Credit, as well as how individuals can maximize their benefits from the EITC.
In addition to tips and support provided by program leaders, participants, called “N.C. Savers,” are offered other benefits, including wealth-building counseling, free or low-cost seminars, “American Saver” quarterly newsletter and access to no-fee or low-fee accounts at local banks and credit unions.
To get more information on the program or sign up to participate, call the Cooperative Extension Office at 586-4009.
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