Empowering San Bernardino Via Financial Literacy: J.P. Morgan Chase’s Debt Workshop Tackles Essential Life Skills at Studio D

On Monday, August 14th, Studio D in Downtown San Bernardino was abuzz with financial insights and community engagement as J.P. Morgan Chase held its Managing Debt Workshop. The event, aimed at bridging the gap between financial institutions and the community, was a testament to the bank’s commitment to fostering financial literacy.

Brad Wilson, VP and Community Manager from J.P. Morgan Chase shared valuable insights on managing debt. Before diving into debt repayment, Wilson emphasized the importance of ensuring that you truly owe the debt to a creditor, checking that the statute of limitations hasn’t expired, and verifying the legitimacy of the debt collector. He further advised attendees on the nuances of negotiating with debt collectors. 

If full payment isn’t feasible, Wilson suggested setting up an affordable payment plan, negotiating for a lower balance, and aiming for a “paid in full” status rather than a “settled” one.

The workshop also highlighted the rules that debt collectors must adhere to and encouraged attendees to report any creditor abuse to USA.gov.

Silva Harapetian, Chief Marketing Officer of Studio D, spoke passionately about the significance of such workshops. “Financial literacy is not something we are taught in school,” Harapetian said. She further emphasized the unique challenges immigrant families face, respectfully stating, “Speaking as an immigrant, with immigrant parents, we sometimes have preconceived ideas of finances, banking, debt, interest, etc. Sometimes, what our parents know and teach us about finances is not always efficiently aligned with our system here.”

Harapetian also underscored the importance of creating an inclusive environment for financial education. “It’s imperative for everyone to know their options and understand how to budget, use a credit card, and more. Understanding the nuances of finances and creating a safe space where like-minded people can ask questions is crucial. If we do it collectively as a community, we are all better off,” she added.

Feedback from attendees indicated a keen interest in future workshops on building credit and additional workshops on preparing for home purchases. The workshops are held monthly at Studio D and are free. 

The event concluded on a high note, with J.P. Morgan Chase gifting attendees backpacks filled with school supplies.

J.P. Morgan Chase’s initiative at Studio D is a testament to the bank’s commitment to community engagement and education. With workshops on debt management, budgeting, financial journey, home buying, and business banking, the bank is making strides in ensuring that financial literacy is accessible to all.