Maine financial groups see increased demand

PORTLAND – Organizations that provide financial education are seeing an increased demand for services as the nation remains in economic distress.

The Institute for Financial Literacy in Portland is considering expanding its call center hours and the number of walk-in clients has increased. Inquiries rose 20 percent in one week as the financial bailout plan dominated the news, said Leslie Linfield, executive director and founder of the institute.

“If we keep going at this rate, I will be placing a very large help wanted sign in the window,” Linfield said.

The United Way on Tuesday announced the formation of a collaborative effort called CA$H Greater Portland, a clearinghouse for individuals looking for workshops, services and other tools to encourage financial stability. The resources are listed at www.cashgp.org.

Organizers of CA$H Greater Portland say a budget that covers the basic needs of a Cumberland County household is $5,000 more than the average median income, and 63 percent of lower-income working families have $300 or less in bank accounts. Meanwhile, $4 million in earned income tax credits go unclaimed every year in the county.

“That’s a lot of money on the table, and that’s why we want to get the word out,” said John Shoos, senior vice president for community impact at United Way.

Two of the organizations involved in CA$H Greater Portland will be offering a new eight-hour curriculum covering topics such as avoiding predatory lending, creating a spending plan and setting financial goals, as well as providing one-on-one counseling.

The Credit Yourself program is funded by KeyBank and will be administered by South Portland-based Women, Work and Community.

Another organization offering help is Pine Tree Legal Assistance, which has a foreclosure prevention program. Pine Tree is conducting public workshops, offering counseling and training lawyers who are willing to offer free services.

The financial counseling is having an impact. Linda Record, who faced foreclosure on her Sanford home even though she has jobs as a school cafeteria worker, crossing guard and an aide for disabled people, attended one of the public workshops this summer.

Record, 53, was able to get a more affordable home mortgage and is now working to rebuild her credit score so she can refinance before a higher interest rate kicks in after five years.

“It’s going to take me a little while. It’s all going in the right direction now, which is the good thing,” she said.