CD Partner: Harris Bank

In the current economic environment, there is a greater need to be well informed about our financial choices. While there is no definitive instruction manual for money, financial education has become more of a necessity.

In the current economic environment, there is a greater need to be well informed about our financial choices. While there is no definitive instruction manual for money, financial education has become more of a necessity. From April 18 through the 25th, the Federal Reserve Bank of Chicago will present its annual Money Smart Week. This weeklong series of free classes and activities are designed to help consumers gain a better understanding of financial concepts and practices. As one of its partners, Harris is presenting 22 different sessions throughout the southern suburbs. The seminars are not limited to adults; several programs are aimed at giving kids and teenagers the basic tools and knowledge on how to manage money skills that will help them throughout their lives. The workshops range from one to two hour sessions with a focus on fundamental concepts and practical exercises. These seminars include:  First-Time Home Buyer Seminars, Foreclosure Prevention and Credit Matters, Saving and Establishing Good Credit, Money Management for Teens, Protecting Your Nest Egg, and Investing for Your Future in Today’s Market, among others. One of the seminars titled Foreclosure Prevention presents an overview of the steps to take to prevent losing a home. Loretta Minor, Harris District Relationship Manager, explained that one of the objectives of the workshop is to help identify ways people can avoid the foreclosure process. “Foreclosures can happen for many different reasons, due to job loss, high medical bills or substantial debt. This workshop is designed to help you understand your current financial situation and what options are best suited for you,” said Minor. It is important to establish early communication with your lender and explain why you cannot make payments, she added. “Write a letter to your lender explaining the financial situation and include documentation such as a copy of a termination slip, or a hospital invoice to illustrate why you are having difficulty making payments,” Minor said.  “Also include financial statements and have extra copies on hand,” she added. Minor also recommended following up with a phone call and subsequently a meeting with the lending representative. The homeowner has the option to restructure the loan, defer payment, liquidate other assets to reinstate the loan or refinance if the interest rate is lower than what is currently being paid. “Because every situation is different, it’s important to take into consideration what each option offers the homeowner, which is why it’s important to open up the lines of communication with the lender,” Minor said. Additionally, she suggested seeking out housing counseling agencies that offer their services free of charge. Money Smart Week workshops will be held in Chicago Heights, Frankfort, Joliet, Homer Glen, Midlothian, Orland Park and South Holland, Summit, East Hazel Crest, Calumet City, Country Club Hills, Evergreen Park, Plainfield and Romeoville. In the past, the bank has facilitated seminars for first-time homebuyers and annual financial fairs aimed at the Hispanic community.   Additionally, Harris actively partners with organizations like Junior Achievement to begin teaching the importance of good financial habits at very early stages in life.  Harris is committed to financial education and helping in unexpected ways including hosting job hunting seminars at local branches. “These seminars provide a great opportunity to broaden your knowledge of money matters,” said Wallace Harris, District Executive, Harris. “Financial literacy is an important component of our involvement with the communities we serve. It allows Harris to provide our customers with the information that is relevant to their goals and financial needs.” For more information on Money Smart Week, consult the Federal Reserve Bank of Chicago at https://www.chicagofed.org/education/msw/msw_index.cfm.

 Workshop  Date  Address  Time
 Understanding Your Credit  April 18  Harris 7549 W 63rd St. Summit, IL 60501 10:00 a.m. – 12:00 p.m.
 Understanding Your Credit  April 18  Harris 555 Burnham Ave. Calumet City, IL 60409 10:00 a.m. – 12:00 p.m.
 Foreclosure Prevention  April 20  Harris 1630 Chicago Rd. Chicago Heights, IL 60411 11:00 a.m. – 1:00 p.m.
 Foreclosure Prevention and Credit Matters     April 21  Harris 78 N. Chicago St. Joliet, IL 60432 4:00 p.m. – 6:00 p.m.
Are You Ready to Buy a Home?     April 21  Harris 7549 W. 63rd St. Summit, IL 60501 3:00 p.m. – 5:00 p.m.
Investing For Your Future In Today’s Market  April 22    Homer Township Public Library     14320 W. 151st St. Homer Glen, IL 60491 6:30 p.m. – 8:00 p.m.
 Credit Matters  April 23  Harris 44 W. 162nd St. South Holland, IL 60473 4:30 p.m. – 6:00 p.m.
Today’s Mortgage Market  April 23  Harris 11041 W. Lincoln Hwy Frankfort, IL 60423 6:00 p.m. – 7:30 p.m.
 Credit Matters  April 24  Harris 8400 W. 159th St. Orland Park, IL 60462 4:30 p.m. – 6:00 p.m.
 Credit Matters  April 24  Harris 4050 W. 147th St. Midlothian, IL 60445 5:00 p.m. – 7:00 p.m.
Are You Ready to Buy a Home?  April 25  Harris 4050 W. 147th St. Midlothian, IL 60445 10:00 a.m. – 12:00 p.m.

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