By Agatha So, Policy Analyst, Economic Policy Project, NCLR
Financial Capability Counseling gives Latino families the information and tools needed to improve credit, increase savings, and build wealth. Through participation in a financial capability program, Latino families can access a range of resources and learn how to use skill-building tools and financial products that will help them achieve their financial goals, such as homeownership.
For Affiliate partners of the NCLR Homeownership Network (NHN), building families’ financial capability has never been more important. Because of the financial crisis nearly a decade ago, millions of Latino families saw their savings disappear when they lost their homes to foreclosure. At the same time, a rise in unemployment among Latino workers made it harder for families to the get the assistance they needed to save their homes. Today, a generation of Latino families are still recovering and trying to repair the damage to their credit when they lost their homes. Rebuilding by understanding how to budget, save, and improve credit is critical to economic recovery and the ability for Latinos to become homeowners.