In the News
Payday lending - Helpful or Harmful?A recent article from INFORUM highlights the struggles with payday lending reform in North Dakota. The same issues are currently being debated in Illinois by advocates, lenders, and legislators.
To read the article, click the link below:
Life preserver or anchor? | INFORUM | Fargo, North Dakota - Moorhead, Minnesota
A recent article from the Washington Post highlights a FDIC pilot program introduced as an alternative to payday loans.
click here to read the article
The New York Times assistant business and financial editor, Gretchen Morgenson, published an article about the proliferation of credit and its impact for individuals struggling to get out and remain out of the debt trap. As the housing market fails and the predatory practices of mortgage lenders are revealed, regulators might need to explore a […]
Study Finds Middle-class Raiding Savings to Make Ends MeetA recent study released by the Center for American Progress found that in 2004 middle-income families had $31 billion in outstanding loans to their 401(k) retirement plans. These loans cut into the benefits of compound interest and can have a lasting impact on a person’s retirement. The loans were primarily used to get by during […]
The Growing State Asset-Building MovementA recent article from State Legislatures highlights asset-building work in several states.
Click here to read the article.
Click here to read about the problems renters face in the foreclosure crisis.
Payday Lending Regulation Efforts ContinueSunday’s Chicago Tribune article, “Interest Still High in Payday Battle,” highlights the struggles to protect consumers from the traps of payday loans.
To read the article, click here.
Sunday’s Chicago Tribune article, “Car Title Loans Snare Victims at 300% Rates” documents how auto title loans can create troubles for consumers.
To read the article, click here.
A recent Washington Post article highlights the way the credit meltdown has increased the wealth gap for African-Americans and Latinos.
Click here to read the article.
A recent article from Bloomberg News discusses the increased enrollment of employees at several companies with automatic enrollment into 401(k) retirement plans.
Click here to read the article.
The Federal Reserve reports that equity in U.S. homes slipped to 46.2%, the lowest level since the end of World War II.
For more information, click here.
Bloomington-Normal’s public radio station, GLT Newsroom, takes an in-depth look at health care for the working poor in Illinois. With medical debt being the number one cause of personal bankruptcy, residents without quality health insurance are consistently put in situations where they are at risk of losing their assets and savings.
To listen to this news […]
The Chicago Tribune published an article on the efforts to close the loophole in the payday loan reform act. IABG has supported these efforts.
To read the article, go to:
http://www.chicagotribune.com/business/chi-mon-payday-borrowers-may12,0,2759814.story
With the personal savings rate dipping into the negatives and rising costs of food and energy dragging the economy into recession, more people are using credit to make ends meet. NPR examines the impacts of this behavior.
To listen, go to: www.npr.org/templates/story/story.php?storyId=90019561&sc=emaf
The U.S. Census Bureau recently released a report on the net worth and assets of American households.
To read the report, go to: http://www.census.gov/prod/2008pubs/p70-115.pdf
NPR’s Marketplace aired a story about the work of IABG’s California partner, San Francisco EARN, and their work with Individual Development Accounts.
Listen to the story here: http://marketplace.publicradio.org/display/web/2008/04/11/individual_development_accounts
The most recent FDIC Quarterly features an article entitled “Building Assets, Building Relationships: Bank Strategies for Encouraging Lower-Income Households to Save.”
To read the article go to: http://www.fdic.gov/bank/analytical/quarterly/2008_vol2_1/buildingAssets.pdf
The Chicago Tribune recently published an op-ed calling for a 21st Century GI bill, which looks very similar to IABG’s Children’s Savings Account proposal. The proposal suggests creating a nationwide savings program, where every children born in the U.S. receives $5,000 for savings that cannot be used until the child is 18 years old.
To read the […]
A recent article in the Wall Street Journal highlighted the negative impact the home foreclosure crisis is having on the development and availability of affordable housing units for low- and middle-income families.
To read the articles, go to: http://online.wsj.com/public/article/SB120528204216228891.html?mod=blog
The Assets for Independence (AFI) Seventh Annual Report to Congress highlights the increased savings and asset attainment for people participating in matched savings programs. Participants in IDA programs were more likely to purchase a home, own a business, or engage in post-secondary education.
To read the report, go to: http://www.acf.hhs.gov/programs/ocs/afi/seventh_interim_report.pdf
IABG has released the first phase of our work to document asset poverty in Illinois.
Click here to go to an interactive map of Illinois. Once the map window opens, simply click on any county to view the corresponding asset poverty data. Fact sheets for counties and county groupings can be downloaded and printed.
The Urban Institute recently released a report entitled: “How Much Does the Government Spend to Promote Economic Mobility? And for Whom?”
The report examines the use of tax subsidies to promote economic mobility and finds that low-income households often own little or no tax; therefore, they are excluded from the government’s primary means of encouraging economic mobility.
To […]
Households in asset poverty do not have enough cash reserves (savings, stocks, retirement accounts, equity in a home or business) to get by at the federal poverty level for three months when their primary source of income is eliminated through job loss or other disruption.
Asset poverty is a measure of economic security and mobility based […]
Assets are the building blocks for financial stability and security. Having a college degree, owning a home, or having a savings account help people weather difficult financial times, plan for the future, and pass assets on to future generations. IABG supports innovative asset-building policies to help all people not only get by, but get ahead.
Five Reasons Illinois’ Children Need a Savings AccountEducation - People with college degrees earn considerably more.
Homeownership - To obtain a home, a family’s most important asset, one must have savings.
Retirement - Children can no longer rely on employer-based retirement; they must save and invest to be prepared for retirement.
Credit Cards - Savings accounts help children plan for the future and budget their […]