Survey reveals difficulties for Hispanics to achieve financial stability
The study, with 840 people, was conducted by Consolidated Credit, a nonprofit organization. It reveals the evolution of of shopping habits.
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Consolidated Credit's mission is to help families solve their financial crises through financial education, credit counseling and debt management programs.
“Online shopping may be convenient, but if you’re living paycheck-to-paycheck, it’s almost certainly going to make it harder to maintain a budget and avoid debt problems,” says April Lewis-Parks, Consolidated Credit’s director of education.
The survey, conducted in English and Spanish, yielded the following results:
- Most of consumers (64%) started shopping online more as a result of the pandemic, and the majority of those who started shopping more (52%) haven't slowed down.
- Spanish-speakers report having greater difficulties paying for online purchases. Across all ethnic groups, 78% of shoppers who use credit cards to make purchases pay for them in the first billing cycle, while among Hispanics 57% say they can't pay charges as quickly.
- The Hispanic community is more likely to use Buy Now Pay Later (BNPL) services. Less than half of the general population (46%) have used BNPL, compared to 71% of Spanish speakers.
- Budgeting is difficult for 56% of Hispanics surveyed, compared to 40% of the general population.
Credit card bills drain income needed to cover daily costs in the face of record inflation. Consumers who are struggling to make ends meet need to reach out for help. Nonprofit organizations like Consolidated Credit can help.
Consolidated Credit offers free debt and credit management counseling in English and Spanish, as well as a series of free courses in both languages where people can educate themselves on managing their finances.
The organization, which has worked closely with local governments and nonprofits for 29 years to help underserved communities solve their financial problems, encourages people to budget rigorously to control the increase in costs.
“That’s what we see in these results. We know the Hispanic community was hit harder by the pandemic and these results affirm that as a community they may be having a harder time achieving financial stability in today’s economy,” underlines the Director of Education for Consolidated Credit.
“For those carrying credit card balances, now is the time to get help,” added Lewis-Parks.
Consumers facing financial problems can call 1-888-899-3492 for free financial counseling.