HARAHAN, La.–A Shared Initiative, Inc. (ASII), an initiative of ASI FCU here, has recently received a grant from the Entergy Charitable Foundation to support the “Freedom Payday Debt Consolidation Program,” which the credit union says helps free consumers from predatory, payday lending and empowers them with the knowledge and ability to manage their hard-earned money more effectively.
“This program not only includes a mechanism to eliminate their payday loan debt but also includes extensive financial counseling to ensure that the results are sustainable,” the credit union said.
According to ASII, its vision is the elimination of poverty in all the communities it serves, and it sees significant other gaps in social and financial services to help low-income residents of its community, many of whom are caught in the debt trap of payday lending and cannot move up the economic ladder. ASII said that it believes that providing communities access to wealth creation is the best way to eradicate poverty and with the help of the Entergy Charitable Foundation it will move closer to that goal.
A Shared Initiative, Inc. was created by ASI Federal Credit Union (ASIFCU) following Hurricane Katrina to “intensely administer” ASIFCU’s community development initiatives and combat post-Katrina economic distress in the Greater New Orleans area.