SOURCE: Consolidated Credit

Consolidated Credit

September 17, 2014 07:10 ET

Consolidated Credit Celebrates Financial Literacy Among Hispanic-Americans During Hispanic Heritage Month

FORT LAUDERDALE, FL--(Marketwired - Sep 17, 2014) - The 53 million Hispanic Americans that make up the nation's largest minority group are expected to grow to 128 million by 2060. Unfortunately, something else continues to rise up, too -- the financial stress and the revolving balance credit card debt those Hispanic Americans have racked up. Due to financial pressure to support their families, many Latinos have turned to credit cards to make up for lost income and purchase everyday necessities. Furthermore, a substantial share of those Latino credit card users are experiencing difficulty managing their credit card debt, according to the National Council of La Raza (NCLR).

One specific subgroup having difficulty finding financial happiness is Hispanic millennials, ages 24-34. Survey data by TD Bank shows that 17 percent of Hispanic millennials feel they are under extreme financial stress. Whether you're a Hispanic millennial or not, a little planning for major life events can go a long way in helping people feel financially stable, says Gary Herman, president of Consolidated Credit.

Education to Be More Financially Prepared
A Wells Fargo survey released last August indicates that three out of four (76 percent) Latinos in the U.S. wish they had learned more about managing money when they were growing up. Another study from Prudential shows that with a stronger focus on near-term goals, general asset building has been a challenge for the Hispanic community, who currently make up over 17 percent of the total U.S. population.

There are many businesses and organizations actively involved in the Hispanic Heritage celebration that takes place every year from September 15 to mid-October. During this month-long celebration, it is important that members of the Hispanic-American community are reminded of the importance of increasing their level of financial education when it comes to credit, debt, and investment in general. Building a strong credit history is one key to success when it comes to effective and intelligent management of money.

Many Hispanics that are Spanish-dominant prefer to consume information in Spanish. For this reason, Consolidated Credit has developed a Spanish-language website -- http://espanol.consolidatedcredit.org -- that includes financial tools, articles, informational brochures and videos, all geared toward aiding Latino families in their quest for financial health and the natural accumulation of savings.

Tools and Other Financial Resources * [ver en español]

Consolidated Credit has also recently introduced the Free Budget Tool iPhone Application: http://www.consolidatedcredit.org/personal-finances/money-management/iphone/

A Note on Terminology

The terms "Latino" and "Hispanic" are used interchangeably in this press release.

About Consolidated Credit: Consolidated Credit < http://www.consolidatedcredit.org > is one of the nation's largest credit counseling and has helped over 5 million people over more than 20 years with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.

Contact Information

  • Contact
    April Lewis-Parks
    Consolidated Credit Counseling Services, Inc.
    Tel. 954-377-9344
    Email Contact