Common Wealth Charlotte aids low-income families
Cost of groceries, gas and utilities are rising — here are some tips
The following article appeared in the June 13, 2025, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.
Charity spotlight: Common Wealth Charlotte shares common financial mistakes and tips for low-income households to prepare for tough times
Before 2025, the rising cost of living in Charlotte took a toll on low-wage families, many of which already operated on razor-thin budgets. But now, with economic uncertainty on the rise and inflation continuing to drive up the price of essentials, financial counselors in Charlotte say even more families are seeking help.
“Economic challenges affect low-income populations more than anyone else,” said Chuck Jones, executive director of Common Wealth Charlotte. “The cost of groceries, gas, utilities — it’s the same for everyone … but it disproportionately affects lower-income individuals. Their budgets get stretched higher, get stretched further, and they end up having to do without things that they might not have to.”
Common Wealth Charlotte, a nonprofit that offers free financial education and counseling services to anyone who needs it, works with nearly 4,000 clients annually, most of whom earn less than 35% of the area median income, which translates to about $40,000 for a family of four, Jones said.
The challenges facing Charlotte’s working families go far beyond rent, Jones said. Food, transportation and childcare are major expenses that continue to rise faster than wages do.
“Affordable housing tends to get most of the headlines, but the crisis in Charlotte is affordability,” Jones said. “We have clients that are paying just as much for childcare as they are for housing. Childcare is expensive, food is expensive, transportation is expensive [and] our public transportation is lacking.”
In 2023, about 11.7% of Charlotte’s population was living in poverty, which translates to about 102,000 people living in a low-income household, according to census data. The median household income in Charlotte is $78,438.
The recent surge in families seeking financial resources is partially due to already increasing costs, but also because families are worried about what’s coming down the pike, Jones said. It’s difficult for low-income families to get out ahead of their finances in Charlotte, and there are several common mistakes that many people make that can set them back even further:
Falling into high-interest predatory loans for the sake of fast cash: Car title and payday loans can carry interest rates up to 300%. It solves an immediate problem but often leads to worse long-term outcomes. To help families avoid debt traps, organizations like Common Wealth Charlotte offer 0% interest emergency loans and credit counseling, Jones said.
Paying for expensive credit repair services: These services promise quick fixes for credit scores, but they often charge high fees and use “smoke and mirrors” tactics for actions individuals can take themselves for free, Jones said.
Not saving for emergencies: Families without emergency savings are more vulnerable to unexpected expenses — like a flat tire or trip to the emergency room. Nearly 40% of Americans can’t cover a $400 emergency, Jones said.
Most of the financial mistakes people make come from an act of survival because they feel they have no other option, Jones said. There are several ways families can slowly try to build financial stability and wealth to prepare for those tough times:
Start an emergency fund. Creating a small financial cushion can reduce stress and cover unexpected expenses. Most people can realistically add $50 a month through intentional spending, he said. “We call that getting as far as possible from the ledge.”
Do a deep dive on your credit report and avoid “quick fix” credit repair offers. Work with a certified financial counselor instead. The only legitimate way to repair credit is by negotiating and making payments, Jones said.
Set realistic goals to build wealth so that you’re not just setting yourself up to survive, but thrive. That can include buying a home or contributing to a retirement account, Jones said.
Ask for help early. Seeking support before a crisis can prevent long-term damage, he said. Charlotte has several organizations that offer free financial services, like Common Wealth Charlotte, Habitat for Humanity and Crisis Assistance Ministry.
As the cost of living continues to rise in Charlotte, even modest financial resilience can mean the difference between stability and crisis, Jones said. For thousands of local families, that means establishing smart financial habits and avoiding the traps that often target those already struggling to stay afloat. —Lindsey Banks
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