SOURCE: Consolidated Credit

Consolidated Credit

August 11, 2011 07:54 ET

Research Says Hispanics Lost the Most in Recession and Consolidated Credit Counseling Services, Inc. Reaches Out

FORT LAUDERDALE, FL--(Marketwire - Aug 11, 2011) - Recent research done by the Pew Foundation indicates that Hispanic communities, in comparison with the other ethnic demographics in the country, have seen the most severe decreases in financial wealth through this past recession. It is estimated that approximately more than one million US Hispanics have contacted the certified counselors at Consolidated Credit Counseling Services to receive help.

The research conducted by the Pew Foundation is based on information from the US Census Bureau. The research indicated that the median level of wealth amongst the Hispanic Households demographic decreased by 66 percent from 2005 to 2009 and their home equity was nearly a 50 percent loss, dropping from a median of $99,983 down to just $49,145. This is the largest decrease in wealth in the 25 years the US Census Bureau has been collecting such data.

The states hit hardest by this recent recession (Florida, Nevada, California, and Arizona) are also the states with some the highest populations of Hispanic communities. Howard Dvorkin, CPA and founder of Consolidated Credit, puts it quite eloquently, "The economy fluctuates in ways beyond our control... The best way to stay on top of everything is to gain knowledge of your financial situation and adjust your expenses accordingly. Take advantage of free credit reports and create a budget to develop a money management plan."

More than half of the counselors employed by Consolidated Credit are bi-lingual so they can provide financial advice to both English and Spanish speakers. Consolidated Credit is active in aiding the Hispanic community through this recession in a variety of ways; counselors can provide their service in an intimate one-on-one session or in a family session. Consolidated Credit also provides a website and literature in Spanish and, in consultation with Hispanic Market Advisors, is reaching out to those Spanish-preferred and Spanish-reliant US Hispanics so they can gain access to budget management tools and educational material in their language of preference. Some titles of that literature are "Tarjetas de Crédito: Lo que usted necesita saber", "Logre el máximo con su calificación crediticia", y "Comprendiendo el balance de su tarjeta de crédito". More information can be found by visiting: http://espanol.consolidatedcredit.org. Consolidated Credit experts are trained in housing counseling, debt management, credit card debt and personal finances.

Consolidated Credit Counseling Services, Inc.

Established in the year 1993 and based in Ft. Lauderdale, FL, Consolidated Credit Counseling Services, Inc. currently is one of the largest credit counseling and advising organizations in the US. Consolidated Credit Counseling Services, Inc. helps individuals and families in the country regain control of painstaking financial and debt situations. For free and affordable confidential advice call 1-800-728-3632 or visit http://www.ConsolidatedCredit.org.

Contact Information