Consolidated Credit recently completed two surveys to gain insights into the Latino attitude towards the use of credit cards, and how aware and prepared the Latino community is about the threat of identity theft. The surveys were conducted during the Hispanic Heritage Month that run from September 15 thru October 15, 2015. Over 1,350 respondents answered questions about their personal experiences with (and perceptions about) credit cards, and identity theft protection. The surveys were conducted in Spanish to reach the less acculturated segment of the Hispanic population living in the United States, who are often the most vulnerable for lack of information and tools to help prevent identity theft. The survey results were published on the new Spanish finance site CelebrandolaHispanidad.com
Credit card use among Latinos
Forty percent of Latinos who responded the survey claim that the main advantage of having credit cards is that they are easy to use and is more secured than carrying cash. However, the majority of respondents (72.27%) are afraid of over use and the risk of getting into debt. Consolidated Credit believes that budgeting and financial planning would help Latinos regain control and reduce the risk and fear of credit card debt. “With a little planning and a good saving strategy, the Latino community can handle all the challenges that life can bring,” said Gary S. Herman, president of Consolidated Credit.
Latinos and the Use of Credit Cards results (in Spanish)
Latinos and the Use of Credit Cards infographic (in Spanish)
Click here to request a free Debt & Budget Analysis.
Protecting your identity online
Increasingly, ID theft is occurring online as more people shop, bank and make important financial deals on the Internet. Over forty percent of the Hispanic respondents have been victims of credit card fraud, although the vast majority (81.28%) reports to have taken measures to avoid identity theft, such as not sharing PINs and passwords online; however, those preventive measures may still not be sufficient protection to reduce exposure.
In general, the lower income you have, the more at risk you are for identity theft. “People with fewer means don’t have the luxury of safes or lockboxes,” writes syndicated columnist and an NBC Latino Contributor Esther Cepeda in her opinion piece “Stealing a childhood through identity theft” (read here). Latinos have to take steps to keep their account information safe. Certified credit counselors from Consolidated Credit provide tips for taking steps to avoid and address identity theft.
Latinos and Identity theft results (in Spanish)
Latinos and Identity theft infographic (in Spanish)
Recovering from Identity Theft (ftc.gov)
Financial literacy programs, workshops, and free webinars
Over the years, Consolidated Credit has provided a number of financial literacy programs and workshops and has also partnered with non-profits such as Hialeah Housing Authority, Hispanic Unity, Miami Beach Community Development Corporation, United Way, Career Source and Broward Housing Authority. The company offers various easy to use financial tools and explains the concept of financial literacy. Its goal is to assist Hispanic families in building a solid financial future.
Upcoming Webinars & Seminars
You can sign up for online courses and local workshops to expand your knowledge
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 agencies 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. The organization is ISO 9001:2000 registered, members of the Better Business Bureau and Association of Credit Counseling Professionals.