For many, the post-holiday financial hangover is about to set in with the arrival of January credit card bills. Ouch. The National Retail Federation estimated the average consumer planned to spend more than $1,000 on their holiday celebrations1. If the average American doesn’t even have $1,000 set aside for an emergency2, and 41% of all households carry some sort of credit card debt3, you can bet, for many, the holidays were funded with plastic.
The December federal rate hike is going to bring an unpleasant surprise to anyone already financially stretched with credit card debt. The impact is going to be realized with the arrival of the January or February credit card statements bringing higher monthly minimum payments, higher interest charges and longer payoff periods.
Capitalize on the enthusiasm of a new year and the positive energy surrounding resolutions for change. Tap into that energy before it fizzles. Remember, if you have a financial wellness program, you have what your employees need to turn their financial resolution into a financial success story.
If your organization doesn’t offer a financial wellness program, consider the fact that based on a 2018 PwC survey, 25% of employees would most like to see financial wellness added to their employee benefits. Employees want your help. And ultimately, financial wellness programs not only benefit the employee, they can directly impact your organization through increased productivity, a reduction in stress-related health claims and greater employee retention.
1 National Retail Federation
2 Most Americans don’t have enough savings to cover a $1K emergency
3 Average credit card debt in America: January 2019
4 2018 Employee Financial Wellness Survey
© Copyright . All rights reserved.
Loans are made by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans subject to credit approval. Loan products, features, and service providers vary by state. Service providers are FinFit Ops, LLC (see licenses) or its affiliate, Salary Finance, Inc. (see licenses). See application terms and loan agreements for more details.
Funding time dependent upon funding method selected. Expedited funding may incur additional fees.
FinFit is a financial technology company and is not a bank. Banking services provided by Choice Financial Group; Member FDIC.
Student loan services are provided by unaffiliated third parties. FinFit loans issued by Celtic Bank do not include student loans.
Wage Now is fully funded and managed by an affiliate of FinFit. If any fees apply, those fees will be disclosed prior to entering into any agreements.
Residents of California, New York, North Dakota, South Dakota, Tennessee and Vermont are not eligible for WageNow. This does not constitute an offer or solicitation for WageNow to residents of those states.
FinFit’s Financial Wellness Program, which includes educational content, a financial assessment and a financial dashboard, are free to registered members.
Services offered may incur fees and/or interest. All fees will be disclosed prior to entering into any agreements.
Products listed are a representation of FinFit offerings. Actual availability may vary. The products available to you and your organization will appear on your FinFit membership dashboard. Actual loan amounts and rates offered vary based on lender, credit worthiness and other factors.
Privacy Notice (Sp) | FinFit Privacy Policy (Sp) | Licenses | *US Patriot Act | Website Terms & Conditions | Member Rewards Terms & Conditions
SC Consumer Rights & Responsibilities | NM Small Loan Consumer Brochure | NM Loan Rate & Fee Disclosure | Additional Information for NM Residents