Israelis Find Freedom from Debt through Financial Education

"COVID-19 and lockdowns here in Israel destroyed my business plans and shattered my dreams. I exhausted all my savings and took out huge loans — debts I could never cover alone. I couldn’t even look myself in the mirror; I was so ashamed. Fortunately, Paamonim stepped in and saved me. I realize how lucky I am to have received this liberating opportunity.” – A grateful client 

Your contribution to Federation’s Annual Campaign touches lives around the globe – including Israeli individuals and families who struggle with financial instability. Paamonim, one of our Israel and Overseas partners, helps its clients overcome challenges through financial education and empowerment — all at no cost. Paamonim’s goal is to ensure that all Israelis have the financial literacy to manage their money wisely.  Debbie Ross, Paamonim’s global resource development manager, recently shared this powerful story of how the agency helped one client get out from under a mountain of debt and change the course of his life:

Haim gave his heart and soul to establish his dream business. [His name has been changed to protect his privacy.] He had invested over 200,000 Shekels and taken out significant loans when the pandemic and lockdown hit. His new business struggled as potential customers were forced to stay home, and his wife’s small salary was the only steady income for their family of four. Debt collectors were knocking at the door and Haim had no idea how to begin paying off his loans. This sent him into a depression that led to further turmoil for the family. 

Fortunately, a kindly bank clerk referred Haim to Paamonim and we put him in contact with Dubi, a volunteer money coach. Together, they developed a sustainable plan. Haim has worked closely with Dubi for the past 11 months, receiving tools and skills to make sound financial management decisions. Paamonim also helped Haim find stable employment.

“I am extremely grateful for the two jobs I have now,” said Haim. “I accept I will have to work extremely hard for years to come, but now I’m capable and mindful of my responsibilities. I’m able to manage a tight budget, which allows me to steadily repay my debts. Paamonim gave me confidence in myself; even my relationships at home have improved. I'm simply in awe of Paamonim’s support and guidance.”

Click here to learn more about Paamonim's life-changing work.