CHARLOTTE, N.C. — A Charlotte nonprofit is working to help people raise their credit scores and balance their budgets while offering low-interest loans that can often make all the difference for those trying to make ends meet.
Jesse Ilaraza loves everything about his new car, but he mostly loves that it's actually his. It wasn't that long ago he was bumming rides to get to his job as a handyman at Goodwill.
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"I had to start relying on friends to get me to work, as well as the bus," Ilaraza said.
His old car died and he didn't think he could afford to replace it. He definitely didn't think he could afford a new car. That's when Common Wealth Charlotte entered his life and made a difference.
"They told me why not get a new car and I said, 'I don't know if I can afford it,'" Ilaraza said. "From that point it was OK, I need to figure out my budget more."
The 31-year-old worked with a financial counselor at Common Wealth Charlotte, a nonprofit that works with low-wage earners to help them get back on track with budgeting and credit scores.
"I didn't know as much about finances," Ilaraza admitted. "I felt like I needed to know a little bit more."
WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.
Tonia Frazier worked with him to get to a better place. She immediately presented an option that worked for Illaraza.
"I looked at Jesse's credit report with his permission and I saw some debt," Frazier said. "I knew our 0% interest loan, we call it our opportunity loan, I knew that could help him pay off his debt, which is one of the reasons we exist."
Common Wealth Charotte's opportunity loan is meant to help people get out of debt and improve their credit. Frazier says it's more important now than ever before with inflation driving up interest rates for consumers.
"I think it's very important to understand, especially with inflation and maybe a looming recession, it's always important to know and understand your finances to see how you can make more money," Frazier explained.
In Ilaraza's case, it meant digging himself out of debt and upping his credit score. Working with Common Wealth Charlotte helped so much that he was able to buy a new car.
"I started figuring out exactly what I could afford," he said. "It feels great. I think it's important to know where you stand and know where you need to get to accomplish your goals."
In addition to low-interest loans, Common Wealth Charlotte offers financial counseling and classes. Here's more information.
Contact Michelle Boudin at mboudin@wcnc.com and follow her on Facebook, Twitter and Instagram.
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