Barbecue, blues and bankruptcy - Memphis can claim home to all three, with more people per capita filing for bankruptcy here than in any other major city.
But to members of an organization called Responsibility, Initiative, Solutions and Empowerment, Memphis' bankruptcy reputation can be fixed. And it could begin with educating University of Memphis students.
According to RISE spokesman Corky Neale, the idea for RISE emerged from the Memphis Housing Authority's 1999 Transformation Plan. Its primary mission is to work with and to educate Memphis public housing residents in order to help them gain financial self-sufficiency.
Neale said RISE programs like Save-Up and initiatives like the Memphis Debt Collaborative intend to help them achieve their goal.
"(Save-Up) is an individual development account program," Neale said. "For every $25 a person saves, we match it with $50 dollars for the purchase of an asset. RISE is really about asset development, particularly low to moderate level income people."
Neale said RISE's Memphis Debt Collaborative is a group of approximately 168 non-profit organizations, public agencies, corporations and financial institutions that have "come together to create an action agenda to reduce the amount of bankruptcies and credit issues we that have in Memphis."
"The Memphis Debt Collaborative is one of our educational ventures," Neale said. "We really drill in the whole thing about financial literacy and financial education. But we also try to prevent well-stripping kinds of things like check cashers and predatory lenders,
and encourage people to think about a routine savings program."
Neale said the Debt Collaborative is in its third year of operating at The U of M and will be sponsoring a free financial seminar for faculty and students every Wednesday through Nov. 8 from 1: 00 until 4:30 in room 202 of the Brister building.
Senior education major Letitia Smith said the upcoming seminars could be a good thing for U of M students.
"I know about managing money, but that doesn't mean I do it," Smith said.
"I need to know more about it though, everybody does. College students aren't that concerned with buying houses and stuff right now, but we will be one day."
U of M sophomore Ben Ervin said he had taken classes that dealt with finance in high school, but the seminars could be helpful for students.
"I think for some people who have never had any experience in handling money or are having problems with it, they could really learn some things that would be helpful," Ervin said.
According to Neale, the seminars will give people information on buying or refinancing a house to saving for retirement.
"We will have at least a couple of representatives from financial institutions that will be on site every week and then at least one or sometimes two credit counselors on site," Neal said. "It's a good chance to drop by and get some information."
