Financial stability is critical to achieving VOTCDC's vision of a community where the opportunity to build better lives
is always within reach. Many Hampton Roads individuals and families are barely getting by, with little or no ability to
save for college, purchase a home, or prepare for retirement. VOTCDC's agenda includes initiatives to educate families,
enabling them to achieve greater financial stability. Through established partnerships VOTCDC is uniquely positioned to
bring together individuals and key stakeholders from government, business, faith groups, and nonprofits to close the
growing gap between those who are prospering, and those who are not.
Nationwide, people have shown a need for information and counsel on issues related to finances. For example:
Twenty percent of families earning less than $50,000 a year spend nearly half of their income on debt payments.
Conservative estimates put the number of households who do not use banks at 10 percent of the U.S. population. This
problem is even greater among low-income families, seniors, immigrants, minorities and young people.
Approximately 57 percent of all divorces in America are due to financial stress.
In 2000, the average American household with at least one credit card carried a balance of nearly $8,000.
Services and Resources
VOTCDC offers a number of workshops and seminars, from writing effective resumes to assist the unemployed and
underemployed with job hunts, to increasing credit scores to help residents get out of debt, become debt-free or
purchase a home.
Included in its financial literacy program, are the following programs:
Homeownership counseling prepares individuals for what is often the largest single investment in a lifetime.
Education aimed at recognizing and avoiding abusive lending practices can protect individuals at risk of obtaining
inappropriate and expensive loan products.
Job Readiness Workshops assist individuals with employment research, composing resumes and cover letters. In
addition sessions offer skill assessments, information on how to engage in networking and preparation techniques for
interviews and interviewing practices.