What is Financial Wellness?
Catholic Charities of Central and Northern Missouri is now enrolling families in the Financial Wellness program. Our research suggests individuals are in a place of “financial well-being” when they:
- Have control over their day-to-day and month-to-month finances
- Have the ability to absorb financial shock (or emergencies that cause financial strain)
- Are on track to reach the financial goals they have set for themselves
- Have the financial freedom to make choices that allow them to truly enjoy their lives
Research and experience tell us that in addition to a knowledge component, financial literacy has an action component: the ability or skills to put financial knowledge to use.
Knowing this, in order to achieve financial wellness, a mixture of both knowledge and practice can help individuals:
- Find reliable information to make financial decisions
- Execute financial decisions, adapting as needed to stay on track with financial goals
How predatory lending impacts financial wellness
Predatory loans can perpetuate a cycle of financial strain, as they often include terms that are unfair or deceptive. Telling signs of a predatory lender include aggressive solicitations, excessive borrowing costs, high prepayment penalties, and being encouraged to consistently flip loans.
As part of the Financial Wellness program, CCCNMO, in conjunction with a community banking partner, is now offering predatory lending refinance program for payday and title loans.
This program issues participants a new, low-interest loan in order to pay off the high-interest title or payday loan balances. Eligibility and program requirements include:
- The total amount of Payday or Title loans must not exceed $2,700
- Clients must have stable, traceable income
- Client budgets must reflect the ability to make monthly loan payments
- Clients agree to monthly case management for the duration of the loan
- Attendance of financial education courses is mandatory
Do you ever feel overwhelmed by your finances?
Through the Financial Wellness Program with Catholic Charities of Central and Northern Missouri, you can receive:
- Individualized Budget Coaching
- Financial Education instruction with personal and educational incentives upon completion
- Counseling to set and reach your financial goals
- Referrals to other valuable community support resources
If you're ready to find freedom through Financial Wellness, you can contact us today to set up a meeting with our Financial Stability Specialist, Kathy Frese.
Share this work with others
Would you like to share this program with your parish, or others that you know might qualify for financial stability services? Click on the images below to download flyers to help spread the word about this program!
Catholic Charities of Central and Northern Missouri
Main Phone Line:
1015 Edmonds Street
Jefferson City, MO 65109
1240 E. Brown School Rd.
Columbia, MO 65202
421 West 3rd Street
Sedalia, Missouri 65301
Diocese of Jefferson City
2207 West Main Street
Jefferson City, MO 65109
Phone: (573) 635-9127