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Residents of Durham with dreams of becoming a homebuyer or business owner have access to financial literacy workshops and seminars thanks to a local coalition working in conjunction with a national event coming to Durham this week.

Mayor William V. "Bill" Bell, along with mayors from across the country, will celebrate DOLLAR WI$E Week from September 26 - October 1, 2005, to promote the National DOLLAR WI$E Campaign: Financial Education for America, established through the United States Conference of Mayors' Council for the New American City.

Bell is using this week to recognize that financial illiteracy is a national problem and to promote financial literacy workshops that are currently available in Durham to help educate residents about personal and household financial literacy.

Bell and the Money Wi$e Durham Coalition, a Durham-based partnership of nonprofits, corporate and government organizations, are committed to providing a variety of personal finance seminars and events throughout the year with the goal of providing education aimed primarily at residents of Durham with dreams of becoming homeowners.

Becoming financially literate is a long-term process that, for many people, requires assistance from institutions outside the home. "By coming together, the Money Wi$e Durham Coalition will help our residents make informed choices about their finances. Some of the most important investors in Durham are families and individuals who choose to buy a home or start their own business within the City, and in order to position themselves as investors, residents must be financially literate and maintain good credit histories," said Bell. "There is no better time than now for Durham citizens to take advantage of programs and activities geared toward financial management and prosperity because improved financial literacy will result in a higher standard of living and more stable communities in our City."

In 2004, over 1.5 million families and individuals filed for bankruptcy. Between 1980 and 2002, the level of personal bankruptcy filings in the nation increased over 535 percent. During that time, various states experienced increased bankruptcies that were two and three times the national increase. Credit card debt tripled between 1990 and 2000, growing from $240 billion to $690 billion and is currently approaching one trillion dollars.

The Money Wi$e Coalition promotes financial literacy through workshops and seminars, many of which are offered monthly at Durham City Hall, that help Durham residents with budgeting, credit repair, and money management. The goal of these workshops is to help residents avoid financial scams, learn to manage and save money, reduce credit card dependency, and invest in ways that provide assets for their families and their community.

The Durham Money Wi$e Coalition partners include Durham County Department of Social Services, Consumer Credit Counselors of Durham, Mechanics and Farmers Bank, SunTrust Bank, Mutual Community Savings Bank, Inc., Greater Durham Chamber of Commerce, Durham Technical Community College, Self-Help Credit Union, Internal Revenue Service, Good Work, Inc., the City of Durham, Durham County Cooperative Extension Services, Generations Community Credit Union, Retired and Senior Volunteer Programs, Corporation for Enterprise Development, VITA (Volunteer Income Tax Assistance), Federal Deposit Insurance Corporation, Duke University, Duke University Federal Credit Union, Excellence By Choice, Inc., and the North Carolina State Banking Commission.

To register, or for more information about the Money Wi$e financial literacy workshops, contact Valerie Udofia, director of Programs for the Durham Regional Community Development Group, at 919-672-3948 or 919-682-5788. Durham Regional Community Development Group is the coordinator and program implementer for the Money Wi$e Durham Coalition, which sponsors the financial literacy workshops and seminars for residents.