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Hispanics and Credit Debt
Over the past three years, many Americans have suffered the pains of an unstable economy: many have lost their jobs, gone through foreclosure, bankruptcy and many other life-altering circumstances, in which significantly impacted lives. One group that has suffered tremendously has been U.S Hispanics.
Many Hispanics, who typically earn less than whites and African-Americans have turned to credit card borrowing in an effort get by on a week-to-week basis. The danger comes when the borrower is using high interest rates and cannot pay off at the least the minimum each month. In a situation like that, a borrower may need to get assistance from a non-profit organization, such as Consumer Credit Counseling Service. It is imperative that more Hispanics have a better understanding of credit.
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