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Philadelphia's Empowerment Centers Offer Residents Free Advice On Financial Matters

By Mike Dunn

PHILADELPHIA (CBS) -- It's an even dozen for Philadelphia's "Empowerment Centers" which offer free guidance to city residents on balancing budgets and making ends meet.

Mayor Nutter earlier this week cut the ribbon on the 12th center in Center City.

The Land Title building just south of City Hall is the site of the latest empowerment center, where city residents can get free financial advice. Mayor Nutter told the crowd that for many residents, this sort of guidance is sorely needed:

"We've got folks spending tons of money in terms of fees of stuff with check cashing agencies, but don't have their own bank account. Fraudulent loans and high risk products, you know, there are scammers out there all of the time. So we have to get into financial literacy."

The new center, like the other eleven, are funded in part through grants from the Bloomberg Philanthropy. Nutter said the range of advice offered is wide.

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