A recent study conducted by the national research organization Demos and The National Council of La Raza (NCLR), compared data from 2008 and 2012 and revealed that Latinos had $6,066 on credit cards and are likely to carry revolving balances month to month.
Another recent study by Wells Fargo Survey indicates that three out of four (76%) Latinos in the U.S. wish they had learned more about managing money when they were growing up.
Hispanics represent 17 percent of the U.S. population and they suffer from some of the same problems as other groups, but they lack solid consumer information in Spanish. Financial organizations need to expand their initiatives to work with the Spanish speaking-reliant segment of the Hispanic community to teach them how to manage their debt and credit successfully.
Consolidated Credit launched CelebrandoLaHispanidad.com as part of Hispanic Heritage month (Sept 15 thru Oct 15). The website contains financial tools, articles, informational brochures and videos geared towards aiding Latino families in their quest for financial health and the natural accumulation of savings.
“Hispanic-Americans need to be knowledgeable about how the credit industry works in the United States. Building a strong credit history is one key to success when it comes to effective and intelligent money management,” says Beatriz Hartman,Community Development Manager for Consolidated Credit.
Beatriz Hartman believes financial education can help Latino families be more financially prepared to build pathways to a strong, diverse middle-class. Hartman says, “The more work you put into your finances, the better equipped you and your family will be to handle challenges as they arise.”
Besides CelebrandoLaHispanidad.com, Consolidated Credit also has a Spanish-language websitehttp://espanol.consolidatedcredit.org, Facebook page www.facebook.com/ConsolidarCredito and YouTube channel www.youtube.com/user/ConsolidatedEspanol with lots of rich and unique content about personal finance that can help create awareness to build pathways to a strong, diverse middle-class.