Helping Hispanic Americans affected by COVID-19 manage finances – WXYZ TV Detroit

  • October 13, 2020
  • By: Greenpath Financial Wellness

As we recognize Hispanic Heritage Month, WXYZ TV Detroit shares the resources GreenPath provides to guide Hispanics impacted by the COVID crisis.

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The COVID-19 pandemic has significantly affected the physical and financial health of Hispanic Americans. African American and Hispanic adults have been disproportionately affected by COVID-19.

More than 75 percent of pediatric fatalities have been Hispanic, Black and American Indian children.

A May 2020 Harvard University study found that nearly 20 percent of Hispanic homeowners had difficulties paying their mortgage due to lost income and were less likely to receive a payment deferment than white homeowners.  Black and Hispanic renters are especially at risk.

The WXYZ news story lifts up the resources GreenPath has provided, and continues to provide, as we all manage through the continued crisis.

Since the onset of the pandemic, GreenPath and its affiliates have assisted 5,962 Spanish-speaking client households whose finances have been affected by COVID-19.

Through its Debt Management Plan, GreenPath has helped 1,500 Hispanic client households pay off $23 million in debt.

GreenPath has 32 bilingual HUD-approved housing counselors and housing experts are specially trained to provide Hispanic households with holistic foreclosure prevention and support, reverse mortgage counseling, homebuying counseling and renter resources. GreenPath’s Spanish-speaking counselors have been actively serving people located in Arizona, California, Colorado, Florida, Nevada, New Mexico, New York and Texas. 

According to TIAA Institute’s P-Fin Index, financial literacy among U.S. Hispanics falls below that of the general population by nine percent. This deficiency has been magnified by the effects of the COVID-19 pandemic.

“Many Hispanics do not have emergency funds and worry about paying their bills,” explains GreenPath CEO Kristen Holt. “GreenPath’s bilingual counselors can examine a client’s entire financial picture, explain their options, help them make informed choices and develop a customized plan. We have an unmatched volume of HUD-certified counselors and a strong track record in helping clients pay off debt and stay in their homes.”

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Financial Resources in Spanish

View Spanish language information provided by GreenPath.

Those in need of financial counseling should contact GreenPath at 1-800-550-1961 and press “2” to speak with a Spanish-speaking counselor.