It seems that the more Americanized Hispanics are the further in debt they become. Its all due to higher credit card consumption among Hispanics lately.
Hispanics prefer to use cash to buy what they need. For a long time Hispanics would not carry credit cards.
What ends up happening is Hispanics do not have the credit score to finance huge items so they take out credit cards and make purchases on credit to build up their FICO score.
So companies tell Hispanics to have credit to build up credit and then they fall into the American system of having debt to build more debt.
Used car dealerships do well with Hispanics because they can make cash purchases and not have to finance their vehicle. Most Hispanics still prefer to use money to make purchases.
Our society is getting better at explaining how credit works. A lot of banks now have their information translated in spanish so more people can read it.
Banks are started to educate Hispanics about credit card usage. That is all Hispanics need, they want to know how stuff works here in America.
For years Hispanics were debt free because they used money to buy things but now Hispanics are working harder than ever because of their American lifestyle.
Hispanics prefer to use cash to buy what they need. For a long time Hispanics would not carry credit cards.
What ends up happening is Hispanics do not have the credit score to finance huge items so they take out credit cards and make purchases on credit to build up their FICO score.
So companies tell Hispanics to have credit to build up credit and then they fall into the American system of having debt to build more debt.
Used car dealerships do well with Hispanics because they can make cash purchases and not have to finance their vehicle. Most Hispanics still prefer to use money to make purchases.
Our society is getting better at explaining how credit works. A lot of banks now have their information translated in spanish so more people can read it.
Banks are started to educate Hispanics about credit card usage. That is all Hispanics need, they want to know how stuff works here in America.
For years Hispanics were debt free because they used money to buy things but now Hispanics are working harder than ever because of their American lifestyle.
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So when you see banks with signs that have Tarjetas de Credito, that means they are targeting Hispanics. Tell them to educate Hispanics about debt, or in spanish, de Deuda. Eventually one day we can see more debt free hispanics using money to help other people.
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