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Wednesday, November 6, 2024

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Trump claims 'powerful mandate' after Fox News projects he has won the US presidency; experts express caution over post-election AI deepfakes; Colorado's housing crisis linked to billionaire investors; Election Day is over; now it's a waiting game.

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Trump wins the White House. Republicans will take over the Senate after flipping several seats, and seem to be on track to hold the House. In spite of bomb threats and charges of fraud, a very high-turnout election mostly went smoothly.

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A Cambodian poultry farmer who lost his livelihood could be a hero for others, rural Montanans are anxiously awaiting a court ruling over a climate lawsuit brought by young people, and Northeast states say more housing for working families could boost jobs.

FL Latino families urged to build credit, secure financial futures

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Tuesday, October 1, 2024   

As part of National Hispanic American Heritage Month, financial experts are urging Latino families in Florida to take steps toward building wealth through credit education and financial planning. Federal data shows that more than a quarter of Latino consumers in the U.S. have no recent credit history, making them "credit invisible" and often ineligible for loans. This issue is particularly prevalent in Florida, where many Latino families, especially those who are self-employed, face challenges when it comes to navigating the financial system and accessing credit.

Geannina Hiraldo, director of mortgage origination for Self-Help Credit Union in Florida, highlighted many financial hurdles that self-employed Latino families face.

"When they come taxes are reporting a lot of losses or a lot of expense. Then the money that we as a lender use to get then a pre-qualification is not enough," Hiraldo said.

Hiraldo emphasized connecting with the right professionals for proper financial guidance. Working with an accountant who understands self-employment taxation can help Latino entrepreneurs and families build credit, access loans and achieve long-term financial goals, such as homeownership.

Maria Ramos Cuaya, racial wealth gap coordinator at Self-Help Federal Credit Union, encouraged people to seek financial counseling.

"We always try to connect our members with the proper resources for them to understand how to create a spending plan, how to manage their finances, how to access credit without having to get into so much debt," she said.

Ramos Cuaya noted many banks and credit unions offer "Credit Builder" loans that can help people establish or build new credit using their own money.

Hiraldo shared a success story from Apopka, where a family was able to correct their tax filings with the help of a CPA firm and, after two years of waiting, qualify for a home loan.

"So they were able to do the taxes correctly for the two years consecutive and we were able to close the home for them. You know, that home that they were dreaming on having; stop paying rent and all that, and they were able to do it," she explained.

Disclosure: Self-Help Credit Union contributes to our fund for reporting on Consumer Issues, Environment, Health Issues, Social Justice. If you would like to help support news in the public interest, click here.


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