Posts Tagged ‘obtaining credit’

Hispanic acceptance and use of credit cards is a double edged sword. While credit can help to build financial stability, without careful study and consideration, lack of understanding and abuse can lead to financial difficulty and ruin. Still the more Hispanics embrace both credit card use and online transactions, the greater the impact they will have on consumer trends and even political dialog.

The National Council of La Raza shares some sage advice and important observations in this study on Latinos and credit card use:

“With unemployment and the cost of living on the rise, more Latino families are turning to credit cards to make ends meet. Credit cards were once a reliable way to build a credit reputation. Today, card users rely on their credit line to pay for groceries and household emergencies, such as a trip to the hospital or auto repairs. Greater participation in mainstream credit and financial markets can set many families on the path to financial stability and middle-class life. Unfortunately, many Latino card users face serious challenges when entering the credit market.”