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Hard Work Not Working for Nearly Half a Million Arkansas Households

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LITTLE ROCK, Ark., March 10, 2020 /PRNewswire/ — Despite news that our economy is one of the strongest in history, the reality is that 474,000 Arkansas households — 41% of households in the state — are trapped by low wages and rising costs and are unable to afford basic needs.

The ALICE in Arkansas report, released today by Entergy Arkansas and the Winthrop Rockefeller Foundation, paints a surprising picture of the scale of financial barriers experienced by nearly half a million households across the state. Around every corner and in every community, people are struggling to make ends meet. These are hardworking individuals — our neighbors and our loved ones, our teachers and childcare providers, health aids and dental hygienists, mechanics and store clerks — that keep Arkansas’ economic engine running, but they aren’t always sure that they can put food on their own tables. 

ALICE in Arkansas is the most comprehensive depiction of financial need in Arkansas to date. It upends conventional views of financial stability based on unemployment and job reports. Standing for Asset Limited, Income-Constrained, Employed, ALICE households have incomes above the Federal Poverty Line but struggle to afford basic household necessities, such as housing, child care, food, transportation, and health care.

The Winthrop Rockefeller Foundation and Entergy will co-release the ALICE in Arkansas Report at 11 a.m. March 10 at a press conference at the State Capitol. “When two out of five households in the state can’t make ends meet, the system is broken,” says Sherece West-Scantlebury, CEO of Winthrop Rockefeller Foundation. “Working harder – when ALICE is already working two or three jobs – won’t fix it and only diverts attention away from the kinds of decisions and policies required to make good on the American Dream promise.” 

Based on the Federal Poverty Line (FPL),17 percent of Arkansas households lived in poverty in 2017 and another 24 percent were ALICE households. That’s a combined 41 percent, or 473,955 households, with income below the ALICE Threshold in 2017. Results of the report show that the total number of Arkansas households that cannot afford basic needs increased 20 percent between 2007 and 2017. During that same time, the cost of basic household necessities in Arkansas increased by 32 percent, far more than the increases in overall inflation and wages. 

“The ALICE report highlights the hardships for families whose income puts them above the limit for public assistance but struggle with the cost of child care, health care, and the children’s extra expenses,” Governor Asa Hutchinson said. “This report emphasizes the need to continue our effort to create high-wage jobs and the importance of Arkansas Works health coverage for struggling families.”

The report is a project of United For ALICE, a grassroots movement of some 600 United Ways in 21 states, corporations and foundations, all using the same methodology to document financial need. ALICE Reports provide county-by-county and town-level data, and analysis of how many households are struggling, including the obstacles ALICE households face on the road to financial independence.

For ALICE, a basic setback — like a car repair or even a minor illness — has the potential to escalate and leave a family vulnerable and spiraling, according to the data.

“At Entergy, we recognize that many hardworking people can’t make ends meet or afford basic needs — including electricity. We support ALICE in Arkansas and this report that helps shine a light on the large number of households struggling and why,” said Laura Landreaux, president and CEO of Entergy Arkansas, LLC. “We invest millions in our communities to help improve the quality of life for customers. We believe that we can only be as strong as the communities we serve.” 

Across the state, the share of households earning below the ALICE Threshold ranged from 26 percent in Benton County to 64 percent in Lee County. Other findings in the report include: 

  • The average Household Survival Budget (a calculation created for the ALICE report) for an Arkansas family of four is $46,812 — significantly higher than the federally recognized family poverty level of $24,600. (The Single Household Survival Budget is $18,240, with the FDL set at $12,060.)
  • Low-wage jobs continue to dominate the landscape in Arkansas, with more than half (51 percent) of all jobs paying less than $15 per hour.
  • In the Household Survival Budget, child care represents an Arkansas family’s greatest expense, at a state average of $761 per month for two children.
  • ALICE lives in every county in Arkansas — urban, suburban, and rural — and includes women and men who are single, married, young and old. White households make up the largest demographic — 69% — mirroring Arkansas’ majority-White population. But while there are fewer Black and Hispanic households, they are disproportionately likely to be ALICE.

“At Entergy, we know ALICE well. As many as 74% of the calls handled by our call centers annually are from households that face some level of financial hardship,” said Patty Riddlebarger, Entergy vice president of Corporate Social Responsibility. “These are households that struggle month to month and that are often just one calamity away from financial ruin.”

The ALICE in Arkansas report can provide a basis for policies that help make the Arkansas economy work for everyone. “We need smart decisions and policies that put working families first and benefit the entire state,” says West-Scantlebury. “If Arkansas households earned at least the ALICE survival budget, we’d have $8.4 billion more in taxable wages and $6.9 billion more in consumer spending. Not only is that more money back in your pocket, but it’s more revenue — $2.2. billion to be exact — to invest in small businesses, schools, hospitals, and public transportation.” 

To view a copy of the report, visit http://www.ALICEinAR.org/.

Additional quotes about ALICE in Arkansas can be found at the bottom of this email. 

About the Winthrop Rockefeller FoundationThe Winthrop Rockefeller Foundation exists to relentlessly pursue economic, educational, social, ethnic, and racial equity for all Arkansans. We believe that building pathways to opportunity requires broad systemic change. This comprehensive approach may take longer to prove impact, but we believe that it has a greater chance to be impactful and sustainable. We look for levers that offer the greatest promise to increase prosperity from one generation to the next. For more information, go to www.wrfoundation.org. 

About EntergyEntergy Arkansas provides electricity to approximately 700,000 customers in 63 counties. Entergy Arkansas is a subsidiary of Entergy Corporation, an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and approximately 13,500 employees. For more information, go to entergy-arkansas.com.ALICE Advisory Board members available for interviews and quotes about ALICE in Arkansas:

“While there are some positive economic indicators in Arkansas, especially near all-time low unemployment, the ALICE measures reveal that these economic benefits are not reaching all households,” explains Stephanie Hoopes, PhD, author of the report and national director of United For ALICE. “In Arkansas, as across the country, the wages in many jobs that ensure our economy runs smoothly are not keeping up with the basic cost of living.”– Stephanie Hoopes, PhD. National Director, United For ALICE and author of the ALICE in Arkansas reportUnited Way of Northern New Jersey

“The federal poverty guidelines are no guide to finding ALICE in Arkansas. ALICE’s story is as common as it is complex, and it is a story that looks different from different eyes: for cash poor white folks, for POC, women, the LGBTQ+ community, immigrants and people with disabilities–each person living the ALICE story has their own constraints that are preventing them from living a life of choice, a life of security and of freedom. They are cooking our food, caring for our elders, and we need an economy that respects these heroes who keep Arkansas’ economic engine running.”– Stephen Coger, DirectorArkansas Immigrant DefenseSpringdale, Arkansas

“The ALICE study definitively supports what we have seen time and time again in our work: that Arkansans are increasingly burdened by systems of economic injustice that disproportionately oppress people of color and the poor. DecARcerate sees these realities on a daily basis, as we work to address the often unbearable burden of fines, fees, and bail. ALICE families are trapped in debt spirals that make it nearly impossible for them to exit the criminal injustice system. In order to address these harms and create an equitable landscape for all Arkansans, we must provide everyone in our state with equal access to resources and dismantle systems that continue to divide and marginalize.”– Zachary Crow, DecARcerate DirectorLittle Rock

“Creating pathways to entrepreneurialism is key to a strong, diverse economy. Yet the ALICE in Arkansas report shines a bright light on the barriers that keep ALICE from accessing those pathways. The only way we can truly innovate Arkansas’ economic ecosystem is if we are strategic and deliberate about removing the real barriers preventing ALICE from actively engaging.”– Christopher Jones, Ph.D., Executive DirectorThe Arkansas Regional Innovation Hub Little Rock

“Far too long, the narrative around the economy has focused on the extremes. The ALICE report disrupts this narrative as it demonstrates that ALICE is someone you know, she is the average working Arkansan. ALICE is working for Arkansas; it is time that Arkansas works for ALICE.”– Anna Beth Gorman, Executive DirectorWomen’s Foundation of ArkansasLittle Rock

“The ALICE report brings into sharp focus the families we see every day in our communities: working Arkansans struggling to achieve economic mobility. For nearly 40 years, Southern Bancorp has provided the basic foundations for wealth building, from access to capital to credit repair and financial education. Yet so much more is needed. Without widespread acknowledgment of the realities facing ALICE households, and a commitment to repair the policy environment around them, working Arkansans will continue to be limited in their ability to not only survive but thrive.”– Janie Ginocchio, Director of Public Policy and Advocacy Southern BancorpLittle Rock

“ALICE families–often made up of the heroic professionals like teachers and health aids that are the backbone of our economy–are trapped in an inequitable economic system that is not designed to fairly reward them for their hard work. ALICE serves as a lens to help us uncover the historical and continuing patterns of discrimination and disinvestment that stall upward economic mobility for thousands of Arkansas workers and their children. The ALICE in Arkansas report serves as a framework for activating the kind of courageous, inclusive leadership we need to secure Arkansas’ future.”– Donald Wood, Executive Director Just Communities of ArkansasLittle Rock

For more information or to set up interviews, contact Joelle Polisky at 615-526-0358

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/hard-work-not-working-for-nearly-half-a-million-arkansas-households-301020829.html

SOURCE Winthrop Rockefeller Foundation



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TML announce launch of new residential Lumi products

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Steve Griffiths TML





A new, Lumi-branded, residential product has been launched by The Mortgage Lender, following a rise in demand from borrowers who have been financially impacted by the pandemic.

TML say that the range is available up to 75% loan to value, across four Lumi categories and caters for customers with defaults, CCJs, and mortgage arrears. It also offers enhanced credit criteria for unsecured arrears, bankruptcy and payday loans when compared to TML’s core range.

Lumi products are available for employed, self-employed and complex income applicants. The minimum loan is £25,001 and the maximum loan is £1m with rates starting at 4.98% for a two-year fix and 5.29% for a five-year fix at 70% loan to value.

Steve Griffiths, The Mortgage Lender sales and product director, said: “Now more than ever lenders need to have criteria that caters for a wide range of customer circumstances and recognise that the last 12 months has been financially difficult for many people.

“Our Lumi range, which is available through specialist distributors, takes a pragmatic approach to the real-world experience many of our broker partners are presented with when they are sourcing a mortgage for their clients.

“It offers fair rates combined with a flexible approach to underwriting that provides a stepping-stone for home-movers or those remortgaging and, in some cases, credit repair.”

Doug Hall, 3mc director, adds: “We are seeing increasing numbers of customers whose financial situation has been impacted by the Coronavirus pandemic who need products that are appropriate for their circumstances now.

“Through sharing our knowledge and challenges with lenders, like TML, the specialist lending sector is proving it can meet those needs in a responsible way. The launch of Lumi is great news for brokers and customers. It shows lenders are listening and able to respond to the market, improving customer choice and competition.”

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how to boost a bad credit rating

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HOLLAND, Mich. — Your credit score is just a number, but it can make a difference in your ability to get a loan, house, or even a job ,and after a tough year for finances, now is an important time to pay attention to your score.

“You need to have options, and you need to be able to have access, and all of that boils right back down to your credit score,” says Bree Austin-Roberts, a credit expert and founder of Lakeshore Credit Management and Repair Services in Holland. “I think it was a reality check for a lot of people to saying, ‘Hey, it’s time for me to start thinking about my financial situation.’”

Bree’s story is similar to so many of her clients. A few years ago, before she founded her credit repair business, she and her family were evicted from their apartment. Searching for a house and facing homelessness, Bree noticed a similar roadblock everywhere she looked.

“The credit became a problem,” she said. “It always boiled back down to the credit.”

Bree buckled down on payments and in no time had raised her credit score enough to move her family into a home and start up her business. Now helping others achieve the same success, Bree says a few simple adjustments can make a big difference. Her first call was to the three major credit bureaus to check the accuracy of her score.

“Like 80 percent of people in the United States have something that’s inaccurate on their credit report, but a lot of people don’t know because they don’t monitor their credit.”

So start by checking with TransUnion, Equifax and Experian on the accuracy of your score.

If you’re having a tough time making payments this year on bills or installment loans (which Bree says you should always have at least one of), try contacting your creditors to see if they can delay payments or work out some sort of payment plan that works for you.

“Directly related to the pandemic, a lot of lenders are being very lenient,” said Bree.

In addition to making all your monthly credit card payments on time when you can, Bree says it also matters how often you use your credit card, and on what. She says most repair experts will recommend you keep your card usage below 30 percent, but Bree recommends a lower limit for her clients.

“When you’re in the building process, you want to keep it 10 percent or below,” she said. “If you’re planning on making a major purchase in like 30 to 60 days, you probably want to keep your credit card balances between 1 and 3 percent.”

Other tips include becoming an authorized user on a loved one’s credit card. If they have good credit, spending responsibly on their account could help boost your score faster. Just have them ask their bank or credit union about adding you as an authorized user.

You can also open a secured card on your own. A secured credit card is essentially a prepaid card that ensures you don’t miss payments.

And remember: no credit doesn’t mean good credit. Lenders want to see you can responsibly handle debt.

“Having something to report is positive, but it’s the amount that reports that shows your credit worthiness,” said Bree.

What it boils down to, Bree says, is having good habits and sticking to them. Building or rebuilding credit is a marathon, not a sprint, and Bree says patience is key.

“I was never always a credit expert. It was trial and error,” she said. “I have been there before, and it doesn’t take much to end up right back there again if you’re not budgeting well–if you’re not being credit conscious.”

You can reach Bree at [email protected] or on her website or her Facebook and use the hashtags #lakeshoreCredit and #CreditQueen to join the conversation with her.

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Adam Reich On His Journey From A Bodybuilder To Building His Own Empire And Making People Financially Independent

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Adam Reich

Adam Reich was born on December 17th, 1985, and brought up in Long Island, New York. Gym and fitness lover, Adam Reich, founder of True Credit Repair, Passive Profits Ecom Automation, ReinventU wellness center, and Health Supplements didn’t always have it all. He found a great deal of success in bodybuilding competitions when he was young. He was falling short of turning professional and thus, in the time that he had, he built a late online personal training business with over 100 subscription-based clients. In 2014, Adam Reich was blessed with twin daughters and a few months later, he had to go take up a job for the New York City department of corrections on Rikers Island. He worked 16 hours a day for 5 years straight surrounded by a bunch of violent people. It was an unsafe job. Adam Reich got fed up and decided to invest all the little money he had onto himself. He worked hard and invested all of his time to finally have something of his own and he did, not just one but multiple companies with 7 figure turnovers.

Adam believes that the success he has had by far is because of the client relations and the results and satisfaction that he and his company have given over time. He believes that he should treat his clients exactly how he would expect to be treated as a customer himself. The reason behind investing in a credit repair agency was because Adam Reich first paid to have his credit repaired by the same parent company and 4 months later his credit soared from 550 to 740 and that opened a plethora of financial opportunities for himself. All of his companies are driven by customer satisfaction. He has learned that he must never over-promise to make a sale. He provides a service to his clients that he is proud of but sometimes he tends to over-deliver but he has learned from his past mistakes. Adam Reich believes that delivering a product is important but what’s more important is building a brand along with a reputation as this would help him and his company in the longer run.

Since Adam Reich realized his worth was more than that 9 to 5 job, within 6 months, he left the prior job to invest in himself, moved to Boca with his family, and built a beautiful life in South Florida. It has been great for Adam since then as he has been able to increase his salary tenfold and all the credit goes to his determination and hard work. He also worked towards making it easier for his clients to change their financial situation by providing them with abundant opportunities. That’s all that Adam has always wanted, to help others better their situations. He has had the time to experience a 9-5 job and knows how it feels to miss important events and not being able to spend time with family because of lack of financial freedom which is why he has built this empire so that nobody else has to go through what he went through.

Adam Reich has always kept his priorities straight and his clients are everything to his brand. He goes out and about for them and relates with each individual. He believes in the saying, “show me your friends and I’ll show you you’re future” and that’s why he surrounds himself with the right people always. Since he moved down to South Florida from New York, he has made sure to keep the right people beside him who give him the motivation he strived for. Adam Reich even met his fellow investors at that time and is friends with them. These are the people he used to look up to and hoped to become like them one day. To the colleagues in his industry, Adam Reich wants to mention that people should focus their energy more on customer service. Building results and winning client’s trust is very important to go far ahead in this business.

 

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