Chattanooga Neighborhood Enterprise's Money School offers financial education

The Great Recession both humbled and handicapped millions of consumers who were overextended in the heydays a decade ago, but many of the lessons of that downturn appear not to have been learned.

Last year, American households racked up more than $57 billion of new credit card debt, according to a new survey from CardHub, and 19 percent of Americans report that they continue to spend more than they make. A Harris survey shows that 60 percent of Americans don't have a rainy day fund and only two in five have a budget. WalletHub recently ranked Tennessee among the bottom 10 states for financial planning.

Martina Guilfoil wants to change those dismal scores of financial literacy. As president of the Chattanooga Neighborhood Enterprise, Guilfoil is bringing area community groups together for a one-day Money School she hopes will help hundreds of area residents of all ages and income levels.

The free seminar, which is scheduled for March 21 at the Chattanooga Convention Center, will offer a variety of classes and counseling opportunities for individuals ranging from high school students trying to start a business or go to college to baby boomers trying to plan for retirement or make a will.

"Most people don't want to talk about money -- or they are afraid to take on their financial challenges head-on," Guilfoil said "But we know that money management skills and financial knowledge play an integral role in creating family stability and building communities."

CNE, which was organized by U.S. Sen. Bob Corker, R-Tenn., three decades ago, tries to build neighborhoods by making homes more affordable. But buying and maintaining a home, Guilfoil says, requires people to understand their finances and to act in fiscally responsible ways.

Other community organizations are bringing their financial assistance to the all-day school next week.

Junior Achievement and Launch will offer programs on entrepreneurship and college financial planning for teens and tweens. Consumer Credit Counseling and the Urban League will provide help with financial planning and tax preparation. Area attorneys and financial planners are volunteering for one-on-one counseling sessions for those who register in advance. BlueCross BlueShield of Tennessee is sponsoring sessions on how to prepare living wills, trusts and life insurance, along with retirement planning. Others will help individuals avoid payday lenders or show how you can avoid getting overextended with credit card debt.

Throughout the Money School, panel discussions will feature discussions on everything from student loans and wealth building for entrepreneurs to home buying and maintenance.

"Research shows that three-fourths of American families say they live paycheck to paycheck while more than one-fourth of American families have no savings at all," said Jennifer Holder, the special projects manager for CNE. "We're trying to have programs for people at all stages of life to help them to better understand and manage their money."

Contact Dave Flessner at dflessner@timesfreepress.com or at 423- 757-6340.