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Why donate to MCCEA?
Did you know that according to a recent report prepared by the City of Memphis, Memphis was first in the nation in the rate of personal bankruptcy filings? The number of bankruptcies in Memphis is steadily increasing. One of the major reasons for bankruptcy filings is impending home foreclosure. An estimated 75% of people filing for bankruptcy in Memphis and Shelby County do so to avoid foreclosure.*
A 2001 study by Freddie Mac indicated that pre-purchase homeownership counseling can effectively reduce borrower delinquency rates. This study demonstrated that the likelihood of a borrower reaching 90 day delinquency was reduced by 19% when borrowers received homebuyer counseling. Borrowers receiving counseling through individual programs had a 34% reduction in delinquency rates, while borrowers receiving classroom training had a 26% reduction of delinquency. **
The Memphis Metropolitan Statistical Area (MSA) is in dire need of more personal financial training programs and materials. The Memphis MSA is burdened by poverty, low education levels, underemployment, and low wage service jobs. Financial literacy levels affect the ability of an individual to avoid the pitfalls of predatory lending and/or poor financial management. MCCEA has sufficient funds to begin operations, gain certifications, and initiate much needed programs that will combat the financial challenges of the Memphis MSA. We need continued financial support. If you or your company are interested in helping us by making a tax deductible donation, please do so by clicking the DONATE button below.
If you are aware of, or are involved with, foundations who have an interest in supporting our educational aims, please call us at 901-321-6800. We are also interested in working with volunteers who can participate in our programs and share our desire to help families achieve financial success.
*City of Memphis Foreclosure Report (draft), Division of Housing and Community Development, 2008.
**(Hirad, Abdighani. A Little Knowledge Is A Good Thing: Empirical Evidence of the Effectiveness of Pre-Purchase Homeownership Counseling. May 22, 2001. 3-4.)
