by the numbers.

In 2007, the Center For Financial Education changed the lives of countless individuals who had found themselves in compromising financial positions.  Here are some highlights from the year.

• 2,100 appointments with clients have been scheduled by CFE

• $65,000 is the average amount of consumer debt the clients begin with

• 70% of CFE clients have become financially dependent

• $16,000 is currently loaned out to clients through the CFE HOPE Loan Program

• 200 individuals participated in Financial Peace University

• $195,000 in debt was paid by a group of 60 Financial Peace University students

• $40,000 was placed into savings accounts by a group of 60 Financial Peace University students

• 5 clients came to know Christ in 2007

case studies.

The names have been changed, but these stories of transformation are real.

Holiday Spending.
Following the Christmas season, Jane realized she was unable to pay her credit card bills.  After consulting with CFE and developing a budget, she discovered that her credit card bill was filled with Christmas gifts and unneeded clothing expenses for her family.  Jane developed a list of goals that included developing a budget to track both income and expenses.  Rather than continuing to use her credit card, Jane began to make purchases on a cash basis.  Unsurprisingly, she found it much more emotionally challenging to spend cash as opposed to simply swiping her credit card. 

While working with CFE, Jane began thinking differently about her purchases and began to encourage her sister to get financial help. She even presented the idea to her family to not buy so much for Christmas. Her family agreed.  While working on paying the bills, her husband got a different job in another part of the state. The entire move was paid for in a relocation package. The part of the relocation package they did not use for moving was used to pay down some of the debts. They moved at the beginning of the year. Her husband’s income increase about $5000 per year and she had the option to work part-time at with her previous employer.  Jane has canceled many of her credit cards and has paid off her family's consumer debt.  Additionally, her husband has become much more involved with financial decisions.  Jane's family is now living a new home, with a new hope for financial dependence.

A New Bed.
Jim and his wife wanted to buy a new bed for their son.  At the store the couple found one they liked for $800. There was an in-store offer of 90 days same as cash; however, CFE advised Jim to avoid consumer debt.  Rather then becoming indebted to the furniture store, Jim decided to save $60 per paycheck (two times per month) in cash. Their son slept on an air mattress in the meantime.  After four months, they had saved $450 in cash.  Jim hesitantly went to the store again to make an offer; although, he was nervous to do so.  To his surprise, the salesmen accepted his offer of $450 cash for the bed that bed with an original asking price of $800.  Jim saved his family $350 by being diligent, patient and willing to ask.

The Checkbook.
Beth's only income was Social Security and she called CFE to request that our organization become her payee as many of her bills had been turned over the collection agencies.  CFE discovered that Beth was unable to control her spending and consulted with her on a regular basis as opposed to becoming her payee.  In order to develop consistent spending habits, Beth left her checkbook at the CFE office.  Once a month, Beth came to the office and wrote out checks to pay her monthly bills. 

Beth has paid off many of her smaller bills and no longer facing overdraft charges from her checking account.  She has even saved up enough money to enjoy a modest vacation with her family.  Although Beth has yet to achieve complete financial dependence, she is making substantial progress in transforming her financial outlook in life.

Financial Recovery.
Julie's husband had been unemployed for six months without unemployment benefits when they decided to move back to the area.  Their home had been foreclosed on while it was still on the market and they were in the process of working with a bankruptcy lawyer.  After developing a consistent budget and eliminating unnecessary expenses, enough funds were set aside for negotiation with many of their creditors.  Several companies agreed to a settlement or payment arrangement.  During this time, Julie found a part-time job and her husband began working full-time.  A year later, we received this letter.