Raises awareness about Financial Coaching Corps, EITC, Payday Lending
PROVIDENCE, R.I. – General Treasurer Gina M. Raimondo will host an Empower RI telephone town hall today to raise awareness about Treasury's financial empowerment initiatives, including the Rhode Island Financial Coaching Corps. The call will also cover how to access the Earned Income Tax Credit (EITC) and how to avoid the pitfalls of pay day lending in Rhode Island.
"Far too many Rhode Islanders face challenges that might have been avoided through a greater understanding of personal finance," Raimondo said. "A telephone town hall is a convenient way for people to learn about the many ways to give and to get financial help. Financially empowered Rhode Islanders can play a role in our economic recovery."
Since coming into office, finding innovative ways to help Rhode Islanders better manage their finances has been a top priority for Raimondo. She will be joined on the call with four community partners:
• Andy Posner of the Capital Good Fund on how to join or access the Rhode Island Financial Coaching Corps
• Margaux Morisseau of the Payday Lending Reform Coalition about the pitfalls of payday lending
• Reverend Dr. Donald Anderson, member of the Interfaith Coalition to Reduce Poverty
• Rita Gandhi of Family Resources Community Action speaking about the Earned Income Tax Credit (EITC)
Rhode Islanders are struggling financially:
• Sixty- seven percent say they have difficulty covering expenses and paying bills
• Sixty-four percent have no funds for emergencies
• The number of pay day loans doubled between 2008-2011
Calls will be made throughout Rhode Island on Tuesday around 5 p.m., inviting participation. The phone numbers selected for participation are chosen at random from across the state.