American Hispanics are using their credit cards wisely during the pandemic, Debt.com survey finds En Espanol – Tejano Nation

FORT LAUDERDALE, FL – (NOTICIAS NEWSWIRE) – The Spanish Language Survey by Debt.com en Español surveyed nearly 200 Hispanics to learn more about their credit card debt. The survey results highlight financial lessons learned by Latinos during the pandemic.

The survey is a great transition to Financial Literacy Monthwhich began on April 1. Throughout the month of April, organizations across the country host a variety of events and implement initiatives to improve financial literacy and promote financial wellness.

Financial Literacy Month has many facets, but the main points are simple: we need to teach children and adults how to achieve and maintain freedom from debt and be financially stable.

— Howard Dvorkin, CPA and President of Debt.com.

As the pandemic rocked Personal finance millions of people, Hispanics seem to have learned the lesson of save for an uncertain future and not overspend.

Sixty-nine percent of respondents say they learned how much credit cards really cost by looking at interest rates and fees. Respondents added that they are now not only looking for low interest cards, but are also reducing their usage and paying more than the minimum payment each month.

Those living in the United States and Puerto Rico are struggling with record levels of credit card debt, currently at over $1 trillion. Average interest rates on this debt are around 16%.

The survey found that 81% of respondents say they only use one or two cards, 35% say they have less than $500 in debt, and the vast majority (65%) say they have $501 or more debited from their credit card. credit.

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Why do American Hispanics use credit cards?

The top five common uses of credit cards for Hispanics are monthly household purchases (55%), gas (51%) and emergencies (43%). This is followed by expenses for restaurant bills, plane tickets, hotels and travel expenses.

And while the vast majority (72%) have never used a credit card to transfer balances or consolidate debt, more than 55% of respondents have reached their credit card limit in the past year.

When asked which credit card company provides the best customer service, Capital One came out on top with 32%, followed by Chase with 17%.

One area of ​​opportunity for Hispanics may be the use of credit monitoring services. Over 66% of respondents admitted to never having used a credit monitoring service. Nearly half of respondents (49%) knew that they could receive a free annual credit report guaranteed by federal law.

For survey results and to learn more about financial trends, visit Financial Research Section of Debt.com.

On: Debt.com is the consumer website where people can find help with credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more. Debt.com works with approved and certified providers who provide the best advice and solutions to consumers “when life happens”.

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