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, 509 participants, representing 27 institutions, have graduated from 27 classes. The institutions are located in Dorchester, Roxbury, South Boston, Mattapan, Jamaica Plain, Boston, Cambridge, Somerville, Brookline, and Newton.
  • 95% of the graduates have been low-income.
  • 85% of the graduates have been People of Color; 64% have been members of immigrant ethnic groups. It is the only program doing financial education in the Muslim community of Boston.
  • 13 out of 27 of the classes have been offered in languages other than English: 9 classes have been offered in Haitian Creole, 3 in Spanish, and 1 in Cape Verdean Creole.  Currently there is one class of all Somali women being conducted 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.
  • 466 participants have received $500 grants (This is not 95% of 509, because we have a policy of one grant per married couple, even if both spouses participated in the class.)
  • 66 peer leaders of the support groups have been trained in group facilitation skills.