IAVA Launches CredAbility ReConnect Program with Citi
Posted by Michelle McCarthy on June 8
Need to get your financial house in order? IAVA is proud to announce that we’re joining forces with Citi and CredAbility to launch CredAbility ReConnect, an online financial counseling and education program for service members, veterans and their families.
We hear from our members throughout the country their families need unique guidance and support to maintain their long-term financial health after the service. We believe that not one of the 2.4 million Americans who have served in Iraq and Afghanistan should have to face unnecessary and significant financial pressures when they return home.
Data compiled from IAVA, Citi and CredAbility show some alarming statistics that highlight the need for this innovative program:
- The unemployment rate for new veterans was 12.1% in 2011, compared to the national unemployment rate of 8.9% that same year. [Source: Bureau of Labor Statistics]
- IAVA members surveyed were facing 17% unemployment nationally at the start of 2012. [Source: IAVA Member Survey 2012]
- More than 25% of military families that have credit card debt carry a balance of more than $10,000 on their credit cards. [Source: Debt.org].
- A third of military families report they have trouble paying monthly bills. [Source: Debt.org]
- Veterans ages 29 or younger have average monthly expenses that exceed their monthly net income by $880. [Source: CredAbility]
- These veterans also have an average credit card debt of $7,234. [Source: CredAbility]
CredAbility ReConnect, which we’re launching in partnership with our friends at Tragedy Assistance Program for Survivors and the Military Spouse Corporate Career Network, will address these financial challenges with a set of online tools, education and counseling – completely free for IAVA members. Veterans can receive free one-on-one credit counseling from a CredAbility certified counselor through the online program or by calling 888.304.8372.
The program will cover five main issue areas: The Financial Impact of Deployment, Easing the Transition, Budget and Credit Counseling, Debt Management Plans and Foreclosure Prevention and Home Buying Guidance.
Facing financial strains at home? Have questions but can’t get answers? Sign up for free counseling today to help get your families’ finances in order.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi Community Development is leading Citi’s commitment to achieve economic empowerment and growth for underserved individuals, families and communities by expanding access to financial products and services. CredAbility is one of the leading nonprofit credit counseling and education agencies in the United States, serving clients in all 50 states.
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