Bethel Bible Village Joins Two Other Groups to Help Families with Low Interest Loans
CHATTANOOGA, Tenn. (WDEF) — Some families need a helping hand when it comes to avoiding the “cycle of debt.” That’s when they get behind on payments, enter into high interests loans, and struggle to stay afloat.
Bethel Bible Village has joined with two other groups to help Chattanooga families with their finances.
Most Americans don’t learn much about personal finances in school.
Those lessons are often learned in the school of hard-knocks. Since 1954, Bethel Bible Village has helped kids who can’t live with their parents…and lately has added classes for adults and now…even a loan program.
“Most of us are living where we are four or five hundred dollars away from a financial crisis. And that doesn’t seem like a lot, but for those of us who are living paycheck to paycheck, or for those of us who are trying very hard to make ends meet, that’s a lot of money,” said Rev. Evelyn Harris, Pastor of St. Luke United Methodist Church.
St. Luke United Methodist Church received a sizable gift recently and is offering to use that money for the Helping Hand program for parents and adults.
“We provide financial counseling, we teach them how to budget, we have many families who come to us who have not had bank accounts. And we set them up with checking accounts, and savings accounts, give them coaching on how important it is to save a portion of their income, and really teach them responsible financial practices,” Rosalind Conner, President and CEO of Bethel Bible Village.
The families who are eligible for this program, live in these homes on Bethel’s campus, while they work to overcome a financial crisis, and gain their independence again.
The third member of the team is the lending agency. The loans..up to 2000 dollars will have to be paid back…but the rate is only 2.5%.
“Finance is a very stressful event that occurs in people’s lives, so we try to help relieve that stress by them through this program, by counseling them, by providing the loan for them, to help with a certain need that they have at that moment,” said Rodney Selcer, Chief Lending Officer for Scenic Community Credit Union.
There’s no local program quite like this one. Bethel Bible Village has details.