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Friday, December 19, 2008

Credit Card Usage Rises For Hispanics

By Eliud Perez

Credit card consumption among Hispanics keeps getting higher every year. The more culturized they are in the American culture the higher the credit card debt.

Hispanics prefer to use cash to buy what they need. For a long time Hispanics would not carry credit cards.

What happens is that they end up going to car dealerships and they are not able to finance a car because they do not have a credit background.

Hispanics end up falling into the American system of having debt so they can go further into debt. All because some company told them to build up their credit.

Most Hispanics still prefer to use money to make purchases. That is why used car dealerships do well among Hispanics, they can go and pay cash with every paycheck.

Our society is getting better at explaining how credit works. A lot of banks now have their information translated in spanish so more people can read it.

As long as Hispanics are being educated about credit card usage by the big banks this is a good thing.

Still Hispanics are having to work harder to maintain their American lifestyle. For years Hispanics have been debt free.

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