As a father to two young adults, I know how important it is to educate each other on financial health and the tools available to us to improve access and opportunity. I believe strongly in the transformative impact of financial empowerment, and so does Experian. Our mission of Financial Power to All™ inspires us to create products and opportunities that help individuals achieve their financial goals.
Consumer debt is at an all-time high, according to the New York Federal Reserve which reported that total household debt increased by $93 billion in the fourth quarter of 2024 to $18.04 trillion. Debt can be a significant barrier to financial stability and success, limiting opportunities, creating stress, and hindering individuals from reaching their full potential.
Recognizing these challenges, Experian is partnering with ForgiveCo, a Public Benefit Corporation (PBC), to manage the acquisition and cancellation of $5 million dollars in qualifying consumer debt for over 5,000 families in Louisiana, one of the poorest states in the United States. Having spent my childhood summers in Louisiana, I have personally seen the impact debt can have on families. Breaking down one of the barriers to financial empowerment is one of the reasons this program is so important to me.
As part of the program, we are excited to be teaming up with Louisiana State University (LSU) star athlete Flau’Jae Johnson to reach more consumers and make a bigger impact with this program, forgiving an additional $100K for every LSU women’s basketball win during the college basketball tournament. A star athlete with NIL deals, she knows the importance of managing finances and has a passion for reaching young adults with financial empowerment messages. She has been involved in other programs with us and is a great partner.
This is just one of many initiatives to help consumers and our commitment to financial empowerment extends beyond debt relief. We evolve our educational resources and products to better support the millions of members we serve, as well as underserved communities. Some of our other activities include the creation of the B.A.L.L. for Life™ initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, and sponsoring credit counseling for the military community with Operation HOPE.
To learn more, visit our website or hear directly from Flau’Jae below.