DETROIT (WXYZ) — Here in the New Year, many people are trying to get their finances in order. And whether it's paying down credit cards or saving for a house, the task can feel like an uphill battle. I met a Detroit Mom who found a program that helped her tackle her financial troubles and talked with the team making it possible.
Latoya Kelly of Detroit is a single Mom of three who lost her job in October.
"What was your credit score at the time, and how much debt did you have?" I asked her.
“So, my credit score was about 580. I did have some debt with two credit cards and then also some collections from accounts," Latoya said.
"How stressful was this time in your life financially?" I followed up with.
"Very stressful," Latoya said.
She kept applying for housing and kept getting denied.
One of her relatives recommended she sign up for Gesher Human Services' financial repair program called HarMoney.
"One of the things that they taught me was to prioritize my needs versus my wants," Latoya said.
"What was some of the unnecessary spending that you targeted and identified?" I asked.
“When I was out dropping my kids off at school, I would immediately go to get a coffee or a frappé. And that right there, doing that every day, that's costly!" Latoya said.
Gesher Human Services is launching its next HarMoney program in February, which includes a one-hour free virtual class once a week for six weeks.
“Yes, (there is), a little bit of homework," said Laltsha Cunningham. "And the homework is really very minimal. It's, you know, I'll give you an example. It may be writing down all of your credit card dates and due dates. We talk about the best time to make those credit card payments and how to sometimes make them twice a month to boost their score up a little bit quicker.”
Laltsha Cunningham, Gesher's Financial Education manager, says the program is intended for low-to-moderate income families with a credit score of 620 or lower.
"Folks will learn a lot of tips and tricks in this course?" I asked.
"Yes, they will," Laltsha replied. "You know, we've had participants that have come, and we've seen credit scores increased over 200 points [from] some of the families that have come in our program."
Laltsha says that increase happened over about 90 days.
For participants who complete the webinar program, they can receive up to $2500 to either pay off debt or use as down payment on a home.
Jason Charnas, Director of Business and Career Services at Gesher Human Services, said this year the HarMoney program's grant expanded.
"Yeah, for the for the last few years, we received $50,000 from Huntington Bank to be able to operate this program, to be able to assist potential homebuyers with some down payment assistance. And this year they were able to increase that to $75,000, which will allow us to help a lot more individuals and families to hopefully purchase their first home," Jason said.
Latoya used the money to pay off some of her debt in hopes of raising her credit score and eventually buying a home.
"What would you tell other people who are dealing with financial stress right now?" I asked her.
“Don't be embarrassed," Latoya said. "You know, don't feel like you don't need to reach out. This is a great program. It helped me out tremendously.”
The webinar starts Monday, February 3, 2025.
You can register online with Gesher Human Services, preferably by Friday, January 24th at this link. And if you fall out of the income bracket for this program, but would still like financial counseling, you can call Gesher for help at (248)233-4299.
WATCH OUR PREVIOUS COVERAGE ABOUT HARMONEY
