-Zip splits big payments into not-so-big ones and provides the flexibility and control to pay over time.

Available wherever you get your apps.

Learn more at Zip.co.

Zip is a proud sponsor of "Opportunity Knocks."

-Funding for "Opportunity Knocks" is provided by Visa.

Visa.

Everywhere you want to be.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

"Opportunity Knocks" is sponsored in part by the National Council for Financial Opportunities.

To learn more, visit theNCFO.org.

Support for "Opportunity Knocks" is provided by GreenPath Financial Wellness, a national nonprofit providing financial counseling and education for more than 65 years.

Learn more at greenpath.com.

Previously on "Opportunity Knocks"... -Let's see.

"Which of the following best describes your current financial situation?"

I don't even like thinking about it.

-The Opportunity Coach is a tool that we use.

When you open it, it's gonna ask you what you need the most help with.

So, the first one is managing debt.

-After meeting Louis, I felt hopeful that I would be able to reach my goals and it wouldn't have to take my whole life.

[ Laughs ] -Okay, Jovanna, so, I went, I spoke to our team, and what we decided is... -Every day, millions of families must choose between putting food on the table or gas in the tank.

-It's desperation.

I can't juggle this much longer.

-It's not cheap to buy clothes and shoes for all four of the kids.

-"Opportunity Knocks" is back this season with four single moms, three expert coaches, and resources in their own backyards.

What happens next could change everything.

-Everyone is putting up the facade and trying to live the American dream.

It is exhausting.

-How much debt altogether?

-Talk to me about credit cards or credit.

-Mnh.

-I feel like I should not be asking for help because I shouldn't need it.

-The constant stress.

-And I don't like crying about it.

-Will it be enough to overcome the obstacles in their lives?

-I wake up every single day stressed about it because I don't know what's next.

-It's spiraling, and I can't keep up.

I need somebody to show me the way.

-This is the moment when opportunity knocks.

♪♪ -Okay, Jovanna, so, I went, I spoke to our team, and what we decided would be the best plan of action to help you in the current situation that you are is to bring all your loans together, okay?

-Awesome.

Okay.

-So, let's go ahead and go through the numbers.

-Okay.

-Are you ready?

Yes?

-Yes.

-So, we are doing an $11,000 unsecured personal loan.

So, that way, we can pay out all of that, you know, credit card debt and personal loans and bring it all in house.

This will cut your monthly payments by $221.

And your interest rate is gonna be half of what you currently have.

-No way.

-And the best part -- That's not the best part.

[ Both laugh ] And the best part -- -There's more?

-Yes!

-Okay.

-The best part is... -Uh-huh?

-...that you are going to save $14,500 for the life of these terms.

-Oh, my God, that's amazing.

-Yes.

How does that make you feel?

I'm shaking for you.

-I know!

That's what I was gonna say.

I'm shaking, and I'm excited.

It, like, brings a lot of relief.

I feel like there's a light at the end of the tunnel for sure.

Going from taking the back seat to actually being in control, I feel like I broke out of my shell and everything started falling into place.

-But I'm not done.

-What?

-There's one more thing.

-Oh, my God.

Okay.

-So, you mentioned that you have your coupon business.

-Mm-hmm.

-So, as I was talking to the team, I also reached out to my boss, and I asked, "What is the likelihood that Raiz could sponsor a class for you to be able to fulfill that dream and be able to teach the community how to coupon?

-Oh, my God.

No way.

-Yes!

-That's amazing.

[ Both laugh ] -Yes!

-And it's gonna make me cry.

I'm so excited that I got to share the couponing with them and even more excited that they're gonna sponsor a class for me.

That means so much.

-Please sign me up.

Save me a seat.

I want to be your first student.

-Okay.

-If I'm not too nervous to do it, yeah.

-Thank you so much.

Thank you so much.

-Thank you.

[ Indistinct conversations ] -This tool is gonna help me find some organizations that will help me in this process.

Let's start this quiz.

"An unexpected $500 car repair bill pops up.

What's your first thought?"

-[ Laughing ] Call me or Dad.

-"How many months could you cover expenses on savings alone if you lost your income?"

Less than a month.

-Wow.

I just assumed that you were doing okay.

Better than what I'm seeing.

-The tool actually gave us a chance to talk about us not going over finances when I was a child and trying to not have this cycle continue with my kids.

-I was working all the time, taking care of everything, and so you kind of learned some of those habits from me.

But moving forward with this plan here and the coaching that you have is something that I would really love to just be on board and work with you and just see how you do with this.

-"Meet with a financial coach at United Way.

Prepare for home ownership.

Create a realistic home-buying budget, including down payment and closing costs.

Connect with SkyPoint Federal Credit Union to explore mortgage prequalification."

Oh, look, we can set an appointment today.

Should be very exciting.

We can get these goals on a roll.

So, I'm gonna go to SkyPoint Federal Credit Union.

Hopefully they can help me with consolidating my credit cards and lowering my credit card payments.

-So, tell me a little bit about yourself.

How are you?

How can we help you?

-So, I'm doing good this morning.

I'm here because I've been in credit card debt since, like, 2020.

I ended up going to child custody court, so I ended up putting most of my lawyer fees on my card that had the highest limit.

That was supposed to be an emergency credit card, and this, to me, was somewhat of an emergency.

-It was an emergency.

It was an emergency.

-So I did what I had to do, and I said, "I'll figure the financial part of it out later."

And this is later.

[ Laughs ] -Do you know what your credit score is currently or where you stand?

-It's, like, I believe, low 600s, like around 609-ish.

I felt very nervous coming in.

My credit score was on, like, the lower 600 side, so I wasn't sure what I would be approved for, if I would be approved.

-A lot of your financial situation has to do with your habits.

-Yeah.

-We have to see if this is just a bump in the road or this is a habit.

-Mm-hmm.

-And it seems like, in your situation, this was a bump in the road.

-Yeah.

-This was an isolated event that happened, and you used what was available to you to get to the other side.

Tell me about your everyday day-to-day.

-So, I'm a firefighter/paramedic.

I've been doing that for, yes, five years, and I love it.

Because I have this debt, I have to spend more time away from my kids because I'm at work.

The ultimate goal is definitely home ownership, but I can't save if I have all of this debt.

-You take care of two kids, but you take care of the whole community with firefighting?

-Mm-hmm.

[ Chuckling ] Yeah.

-Oh, yeah, we gotta help you out.

It's really aligning that way because credit unions are different from traditional financial.

-Yeah.

-So, we're not for profit.

We call our members, members, because they invest into the credit union.

-Mm-hmm.

-They have a say in everything that we do.

Similar to a nonprofit, it goes back into the credit union... -Oh, I see.

-...into the members, and, essentially, into our community.

What I'm gonna do is go talk to our lending department, see how we can lighten up that load for you.

-Okay.

-And I will be right back.

-Alright.

Thank you.

-Alright.

See you.

[ Keys clacking ] [ Door opens ] In our conversation, you told me your credit score was 609.

-Mm-hmm.

-I am very happy to tell you that it's actually 690.

-Oh!

Okay.

-Yes.

That is a huge jump.

-Yes.

-I'm also excited to tell you that we're gonna be saving you $300 a month.

So, we're gonna give you a consolidation loan.

What it looks like is that you're gonna be saving overall $4,000.

-It feels really great.

I'm excited.

My credit score went up.

They're cutting my interest rates down.

Saving $300 a month is life-changing for me at this moment.

I'm saving $4,000.

Like, this is all amazing.

I'm so excited.

I'm so optimistic.

-I'm so happy that we're able to put money back into your pocket.

With your passion, your drive, I know that it's gonna go way further than just paying off your credit card.

♪♪ ♪♪ -I met with Louis earlier.

I'm supposed to log into the Opportunity Coach and look up some resources.

"Just by being here, you've taken the most important step."

My mom and I sat down on the Opportunity Coach and answered a bunch of questions.

"An unexpected $500 car repair bill pops up.

What is your first thought?"

-Ohh, scary.

-Yeah, I'm like, I'm on the borderline between this is stressful or a disaster.

"How many months could you cover expenses on savings?"

Uh...not even two days.

[ Laughs ] -Oh, that's -- We're in trouble.

-Yikes.

"Do you plan ahead for your future financial needs?"

No, I do not.

The Opportunity Coach gave me a money profile.

"You're deeply devoted to taking care of what matters most, and your determination helps you stick to your plans and reach your goals."

Hmm.

That's definitely me.

-Yeah, that is totally you.

-Oh, my goodness!

This is good!

[ Laughs ] They know exactly who I am.

"And, Ashley, this plan is about moving from survival to security."

-Sounds very, very manageable.

-[ Voice breaking ] Yeah.

Oh, my goodness.

I'm excited.

The Opportunity Coach pointed me toward resources that are available in the community to talk about cleaning up my credit report, better understanding credit, and to improve my credit score.

-We're gonna talk about your current financial situation and basically just discuss next steps and plans so that we can help rebuild that credit and answer any questions that you may not know.

-Yeah, that sounds great.

I'm excited.

-What are your short- or long-term goals that you have set for yourself?

-Short term, definitely want to be able to pay down and minimize my debt, work on improving my credit score because, obviously, that means a lot in America, and then start to save so potentially we can buy a home because I might be a long-time caregiver for my youngest, and so I just want to be able to have that stability for me and my family.

-This is awesome.

You have some great goals.

I mean, what do you already know about credit?

-I honestly don't know that much about it.

-At a basic level, credit is borrowed trust.

It's the system that lenders use to decide, if they were to lend you funds or money, what is the likelihood of them getting those funds back?

It doesn't know your story.

It doesn't see your sacrifice, right?

It just records patterns.

-She gave me tips and tricks on how to resolve those accounts that have made it to collections.

I do have, like, a $1,400 collection from a previous apartment, from damage that Parker had done to that apartment and they had to fix.

-That balance is roughly about $1,342.

Does that sound right?

-Yes.

-Collections -- they purchased these debts for pennies on the dollar.

So there is that negotiation that can go on there because they've purchased it for such a smaller amount.

So you can potentially try negotiating the balance down.

-Oh, wow.

She let me know I was able to call these collection agencies and negotiate the settlement amount.

I didn't even know I could do that.

-Alright, so, Ashley, we have come up with a great plan today.

We have a plan of cleaning up that foundation, improving that credit score.

How are you feeling?

-I'm feeling empowered and ready to start working on the next steps.

-Awesome.

Thank you for talking with us today and for being brave enough to reach out.

-Thank you.

♪♪ [ Engine starts ] -Some days I feel extremely confident and eager to conquer the world.

Other days, I have a lot of self-doubt and I'm just tired overall.

I -- [ Sighs ] Come on.

Y'all were doing so good.

Wait a minute.

Why are y'all answering my FaceTime calls?

-Hi, Kristina.

How are you?

-Hey.

I'm good.

How about yourself?

-Good.

Follow me to my office.

-Okay.

I'm meeting with the credit union because right now I'm desperate to get that interest rate down on my car loan.

-So, could you tell me a little bit about what brings you in today?

-I'm currently in a situation where I have quite a bit of debt built up.

I have a car loan or a car note, and the interest rate on it is about 23%, along with some other finances.

And I pretty much just need help trying to see if, um -- if there's anything you guys can do for me right now.

-Okay.

Well, you've come to the right place.

Southern Security is always here to help our members, and that's what we look forward to.

-Mm-hmm.

-23% is outrageous.

-Yeah.

-So we can see if we can get that interest rate lower for you.

-I really, really need you guys' help because I do have four kids to feed.

Like, life has just been a lot.

-It's okay.

Every day that I can help somebody, I leave here happy.

Seriously.

-Melva was great.

She was patient, willing to listen to my story, very informative.

-Well, Kristina, I'm gonna see what I can do to help you, and I'll be back.

-Okay.

-Okay.

-Initially, I was nervous.

Didn't quite think they could do anything for me.

-So, Kristina... -Mm-hmm?

-...we got you approved.

-Thank you.

-We're gonna save you $200 a month on your auto loan.

-That is a big help.

-So this will free you up to buy groceries and whatever else you need for your family.

-Thank y'all so much.

I greatly appreciate it.

-You're welcome.

-I promise I appreciate it.

-I know.

-From the bottom of my heart, I'm grateful.

I feel like having $200 extra a month, it relieves a lot of stress.

I definitely have a lot more hope now and just ready for a new start.

-[ Laughs ] -Oh, my God.

Thank you.

Thank you.

-You're welcome.

♪♪ ♪♪ -Jovanna?

-Yes.

-Hi.

Jessica.

-Hi.

Nice to meet you, Jessica.

-Pleasure to meet you.

Come on over.

-Okay.

-So, tell me -- what brings you to the El Paso Hispanic Chamber?

-So, I used my Opportunity Coach, and you guys came up as one of my community partners that can help me with my business.

So, I am a couponer.

I have a TikTok page with over 30,000 followers.

And so I want to see if there's maybe an opportunity there to make that a business because I'm really passionate about it and I would like to continue to help my community, as well, with that.

-Is this your first step?

-Yeah.

This is literally my first step.

I didn't even really imagine that this could be a business, so that's what I came here for.

-How exciting.

It's always great to work with new businesses.

It's a passion of mine, as well, to be able to help small businesses.

Do you have a business plan as of yet?

Have you created one?

Have you -- No.

Oh, no!

-No.

[ Chuckles ] I'm brand new to all of this, so I have not.

-Okay, perfect.

So, to begin your business, you always have to start up with, what is your business structure?

-I had no idea the El Paso Hispanic Chamber of Commerce offered all these services.

-Have you actually decided on a business name?

-I was thinking just what I already have, which is Couponing With Jovanna.

-So, this will guide you on how to get your business plan written out.

This is gonna be more specific to what are the different licenses and the permits that you have.

-I think that this can help my business as far as structuring a plan for it and maybe coming up with ideas, moving forward on how to grow it.

-Okay, well, I'm really excited for you in starting this business and... -Thank you.

-...taking the courage to just go out there and start your own business.

A lot of people always hesitate.

Only if they knew that there's resources for them here at the Hispanic Chamber to be able to assist them and guide them step-by-step on how to support their business.

-Well, thank you so much.

I feel like I learned a lot.

And I have everything I need, I think, but I'll reach out to you if I have any other questions.

-I'm super excited for you to get started.

-Coming into this, I had no idea how to start a business, and I feel like, after our meeting, I'm more comfortable with it.

I'm really excited to start making this a reality.

♪♪ -Go!

-You cheated.

[ Laughter ] -Yeah, yeah, I win!

-[ Laughs ] Put the stick down.

-Whee!

-I miss being a kid.

[ Indistinct conversations ] -Come on in.

This is my office.

-Thank you.

-So, Amber, today we're gonna start off by going through your budget... -Okay.

-...which is a exercise that I like to do with all of my clients.

And then afterwards, we'll move on to pulling your credit and doing a review.

-The Opportunity Coach led me to the United Way, which is gonna give me some free coaching tips for my finances and also lead me to some tips for becoming a first-time home buyer.

-So, let's start with the budget.

Or, should I say, spending plan.

-Spending plan.

-That's what we like to call it because how do you feel when you hear the word "budget"?

-It says limitations.

-Right.

Exactly.

-Yes.

-So, let's dive right in.

Are you actively saving at the moment?

-No.

-But do you have, like, a lump sum?

-I don't put anything into, like, my savings account every two weeks, not yet.

-So, you said rent was $2,200.

-Mm-hmm.

-Renter's insurance is included.

Utilities are included.

How about phone or cellphone?

-My cell phone is $110.

-$110.

-Mm-hmm.

-Pretend that you just went to the store yesterday.

How much would you spend typically?

-The groceries, I typically spend around $120 every two weeks, so about $240 a month.

-$240 a month.

Clothing and shoes?

-A month we'll do like $150.

Car payments, $275.

-How about gas?

-Gas?

I usually do like $80 every two weeks.

-How about car insurance?

-Ooh, $370.

$370.

Gotcha.

Cable, Internet?

-$65.

-$65.

-Mm-hmm.

-Any subscriptions?

-Probably around $75.

It's more than the cable.

[ Laughs ] -Okay, okay.

Alright, so we've run through your budget.

And now the wonderful thing about this template is that it calculates for us our disposable income or deficit.

-Mm-hmm.

-Based on the numbers that you've given me, you do have a surplus.

Is that how you feel?

-So when I do my budget on paper, it's the same thing.

It seems like I should have more, and I don't.

-Okay.

So if we scroll down a little bit, you'll see this chart.

What do you see in this chart?

-Of course, where I'm spending the most money on.

-Okay.

Which is?

-Which is housing and living.

-Gotcha.

-Mm-hmm.

-Anything else that you see?

-I have no savings.

-So savings, as you mentioned, it's at zero right now.

So we suggest 10% to 15%, 20% if possible.

But we understand everyone's situation is different.

10% to 15% is ideal.

-Okay.

Housing.

Housing, we suggest 30% to 33%.

Currently, you're at 39%.

So that means that we are a little bit above the suggested threshold.

-Mm-hmm.

-So because we have a disposable income, we need to put that into our savings and make sure that we start that emergency fund today.

-The saving was a big goal, so I'm now saving money.

The consolidation will help me decrease my debt, which will help me save money for the house and improve my credit score.

-What you need to get a better APR is a higher credit score, right?

That's pretty obvious.

-Yeah.

I can start to see it happening now.

I'm starting to get excited about, you know, the future for me and my family.

Perfect.

-Super excited.

-Thank you.

-So nice meeting you, Amber.

-Nice to meet you.

-Thank you so much.

-I'll see you later.

♪♪ ♪♪ -The Opportunity Coach guided me to a local credit union to help me manage my debt.

-So, if you don't mind, can you tell me a little bit more about the debt that you have and what you're looking to do?

-So I have a couple of personal loans that I've obtained, just trying to pay off what I borrowed.

I have a couple credit cards that are maxed out currently.

I have a student loan, and then my car loan.

-And currently right now, what is your monthly payment you're paying on that?

-On the car?

-Just combined.

-I would probably say like $1,800 a month with everything.

-Okay.

And then are you currently late on any of your current payment?

-Yeah.

-Okay.

-Richard was really welcoming and he really took the time to understand what I've been through.

-What happened that caused you to take on additional loans?

-I was in desperate need, so I took out a personal loan through an online creditor.

And to be real, I didn't read the paperwork.

I just applied for the loan.

The APR is 178%.

I was desperate, and they said they would give me the money and so I did it.

-So 170% interest rate?

-178%.

-178% interest.

-Yes.

-For me, that's hard to believe that we have lenders out there that is willing to put people in a position of where they can't, or make it extremely hard for them to pay back a loan.

-When Richard saw that predatory loan and the interest rate, he was shocked and disgusted.

He said it was one of the highest rates he's ever seen.

-So actually, now that I have this information here, I'm going to step out for a few minutes and I'll be right back.

-Sounds great.

Thank you.

♪♪ -Looking at your credit report and seeing all your personal loans that you have, counting your auto... -Okay.

-...I'm happy to share with you that TAPCO wants to take this journey with you, and we've approved you for $9,800.

-Wow.

-Which we're going to pay off your creditors directly.

-Oh, my gosh.

Thank you.

-Okay?

-Yeah.

And I was able to lower my payments from well over $1,000 a month down to $258, saving me well over $700 a month.

I felt so alone and isolated in this financial stress, and that's going to take so much off.

Saving all this money with my budget and being able to clear up my credit report has me extremely hopeful for the future.

-And honestly, this is what your credit score doesn't tell, the story that you shared today.

Now we have an opportunity to build something here special, and then also show those boys that mom got it.

Mom got it.

-Mom got it.

-Yeah.

-Yeah.

♪♪ -Next time on "Opportunity Knocks"... -Oh, my gosh.

You changed the photos.

-Yes.

-I love it.

So this means you've been doing homework.

So I can't wait for you to catch me up on everything you've done.

-The last six weeks, I feel like I've made some steps.

-You have made a really good start.

You're on the right path to moving into your own place.

-Over the last six weeks, a lot has happened.

Louis is coming back, and I'm really excited to tell him about the progress that I've made.

-What do you think the dream house looks like?

-A big [indistinct] with a balcony.

-A balcony?

What kind of balcony?

-Light blue and lavender.

-What color is your room going to be?

-Red.

-You want a red room?

-Yeah.

♪♪ -Everyone deserves opportunities.

Find yours at opportunityknocks.net.

-ZIP splits big payments into not-so-big ones and provides the flexibility and control to pay over time.

Available wherever you get your apps.

Learn more at zip.co.

ZIP is a proud sponsor of "Opportunity Knocks."

-Funding for "Opportunity Knocks" is provided by Visa.

Visa.

Everywhere you want to be.

Additional funding provided by the Wells Fargo Foundation, which seeks to strengthen historically marginalized communities by investing in pathways to economic advancement and generational wealth.

"Opportunity Knocks" is sponsored in part by the National Council for Financial Opportunities.

To learn more, visit thencfo.org.

Support for "Opportunity Knocks" is provided by GreenPath Financial Wellness, a national nonprofit providing financial counseling and education for more than 65 years.

Learn more at greenpath.com.

♪♪ ♪♪