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Athens, ga

COMMON

WEALTH

ATHENS

Common wealth athens

THE need FOR COMMON WEALTH atHENS

Here's a staggering statistic: In 2018, 34% of residents in Athens, Georgia were living below the poverty line. Thirty-seven percent of Georgians lacked significant access to mainstream banking products. Only 50% of Georgia households have emergency savings in the past year, which may necessitate the need to borrow in an emergency.  Despite working a full-time job and/or multiple part-time jobs, many workers still find themselves earning below the poverty level and frequently find themselves trapped in a vicious cycle of poverty. To compound the difficulties, a very high percentage of our neighbors are unbanked due to the inability to meet minimum financial institution qualifications and/or prior negative experiences with financial institutions, promoting a cycle of distrust of banks. 

As a result, our low-income neighbors are often in crisis mode. Many end up using high-fee, prepaid debit cards for all transactions, limiting the ability to save. Others are forced to turn to predatory lenders, check cashing services, tax refund advances and rent-to-own purchases. A typical borrower could pay $800 or more for a short-term loan of $350. The disproportionately high cost of these products lessens the opportunity for upward mobility for low-wage workers. Such expensive debt repayments can sap much-needed income from any family, and low-income families are especially impacted.

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Call us:

706.548.8155

M-F: 9am-12:30pm

Find us: 

640A Barber St., Athens, GA 30601

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