- (1) Deposit or transfer money into a qualified account on a recurring or automatic basis.
- (2) Refinance or consolidate existing debt to obtain a lower interest rate.
- (3) Pay off or reduce outstanding balances to lower the eligible individual's total debt ratio or revolving debt ratio.
- (4) Prepare a budget or a debt-reduction plan.
- (5) Attend financial literacy seminars or counseling sessions sponsored by the eligible financial institution that are offered free of charge.
- (6) Use free online financial education, budgeting or debt-reduction tools.
A qualified financial program offered under section 5703(a)(2) (relating to savings promotion program) must include programs to encourage an eligible individual to do at least one of the following:
Cross References. Section 5705 is referred to in section 5702 of this title.