Adams Administration Celebrates $100M Debt Reduction for New Yorkers with Help From NYC Financial Empowerment Centers

November 27, 2023

NEW YORK, NY – Department of Consumer and Worker Protection (DCWP) Commissioner Vilda Vera Mayuga today announced that the City’s Financial Empowerment Centers have helped reduce New Yorkers’ debt by more than $100 million since they were established in 2008. NYC Financial Empowerment Centers provide free, one-on-one professional financial counseling to help New Yorkers manage their money, establish, or improve their credit, set up a spending plan, open a safe and affordable bank account, contact their lenders about debt, including student loans, develop a strategy to reduce debt or lower payments, access emergency government resources, and more. NYC Financial Empowerment Centers have served more than 73,000 clients and helped them save more than $11 million.

“As our city enters a new chapter of its economic recovery, we must continue to do everything we can to help working New Yorkers keep money in their pockets,” said New York City Mayor Eric Adams. “The Department of Consumer and Worker Protection's Financial Empowerment Centers have long been a vital resource, helping to drive down debt by more than $100 million since inception. We are proud to celebrate this milestone and will continue to find ways to expand these services –– such as our NYC Free Tax Prep for those who are self-employed –– as it means more New Yorkers have money to invest in their families and futures.”

“Our city’s Financial Empowerment Centers are a crucial asset helping our neighbors and fellow New Yorkers balance their finances and learn ways to make the most out of their paychecks,” said Maria Torres-Springer, Deputy Mayor for Housing, Economic Development, and Workforce. “Thank you to the Mayor and to Commissioner Mayuga for continuing to provide access to financial education services for New Yorkers and helping us all succeed in our shared economic recovery.”

“Few things are as empowering as getting your finances in order and making plans to achieve financial success,” said DCWP Commissioner Vilda Vera Mayuga. “As a client of our Financial Empowerment Centers myself, I know just how lifechanging it can be to get the help you need. Don’t wait! Make a FREE appointment with one of our financial counselors today!”

New Yorkers can book a free and confidential appointment with a professional financial counselor by visiting nyc.gov/TalkMoney or calling 311 and saying “Financial Counseling.” Services are available in person or by phone and in multiple languages.  

Announced as part of Mayor Adams’ “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery,” DCWP recently launched the expansion of NYC Free Tax Prep services for self-employed filers. NYC Free Tax Prep for Self-Employed Filers provides free tax preparation services for gig workers, freelancers and small business owners who often face barriers to filing taxes and managing financial recordkeeping. In addition to providing annual and quarterly estimated tax filling preparation assistance, specialized consultations will help the growing number of New Yorkers who perform gig and freelance work to learn the basics of tax filing and recordkeeping best practices as self-employed filers. 

The NYC Department of Consumer and Worker Protection (DCWP)—formerly the Department of Consumer Affairs (DCA)—protects and enhances the daily economic lives of New Yorkers to create thriving communities. DCWP licenses more than 45,000 businesses in more than 40 industries and enforces key consumer protection, licensing, and workplace laws that apply to countless more. By supporting businesses through equitable enforcement and access to resources and, by helping to resolve complaints, DCWP protects the marketplace from predatory practices and strives to create a culture of compliance. Through its community outreach and the work of its offices of Financial Empowerment and Labor Policy & Standards, DCWP empowers consumers and working families by providing the tools and resources they need to be educated consumers and to achieve financial health and work-life balance. DCWP also conducts research and advocates for public policy that furthers its work to support New York City’s communities.

For more information about DCWP and its work, call 311 or visit DCWP at nyc.gov/dcwp or on its social media sites, Twitter, Facebook, Instagram, and YouTube.