Debt to Assets

Moving from Debt to Assets has been recognized by the Boston Alliance for Economic Inclusion (initiated by the Federal Deposit Insurance Corporation [FDIC]) and the United Way of Massachusetts Bay & Merrimack Valley as an example of a “Promising Practice.” In 2008 it was nominated by Citizens Bank for the FDIC Chairman’s Award for Innovation in Financial Education.

Accomplishments
  • Since October 2005, 720 participants, representing 34 institutions (29 of which are churches, synagogues, or mosques), have graduated from 36 classes. The institutions are located in Dorchester, Roxbury, South Boston, Mattapan, Jamaica Plain, Boston, Cambridge, Somerville, Brookline, and Newton.
     
  • 97% of the graduates have been low-income.
  • 89% of the graduates have been People of Color; 70% have been members of immigrant ethnic groups.
     
  • More than half of the classes have been offered in languages other than English: 11 classes have been offered in Haitian Creole, 5 in Spanish, 2 in Cape Verdean Creole, 1 in Brazilian Portuguese, and 1 in Somali. Moving from Debt to Assets is the leading program doing financial education in the Haitian community of Boston in Haitian Creole. It is also one of only two programs in the entire United States delivering financial education to adults in the Haitian communities in Haitian Creole on a regular basis.  
  • With the graduation of 4 classes (3 in English, 1 in Somali) within the Muslim community, Moving from Debt to Assets is the only program delivering financial education to the Muslim community in Boston.
  • 671 participants have received $500 grants.
  • 89 peer leaders of the support groups have been trained in group facilitation skills.