Program teaches working poor ways to save, build credit, By Laura Finaldi, November 29, 2012, Boston Globe: “Meg Alcantara, a single mother of three, was working two jobs, but never getting ahead. She had no savings, lots of overdue bills, and hardly any hope getting a credit card, let alone ever owning a home. Two years later, Alcantara, 49, of Lynn, is working just one job and earning 63 percent more after recently gaining a promotion to office manager at a physical therapy practice. Her credit score has jumped nearly 100 points and she has put away about $5,200 toward a down payment and her dream of owning a home. Alcantara’s journey to financial stability was aided by a partnership of the Lynn Housing Authority and Neighborhood Development and a Boston nonprofit that combined an overlooked federal housing program with the financial literacy initiatives of the nonprofit, Compass Working Capital. Known as the Compass Financial Stability and Savings Program, the joint venture provides the tools for subsidy receivers like Alcantara to earn more, save more, build assets, and better their lives…”
Poverty-related issues in the news, from the Institute for Research on Poverty