FORT LAUDERDALE, FL – December 19, 2015 – (HISPANICIZE WIRE) – If you are working on your budget for the holidays you may be asking yourself, “What should I buy and how much should I spend?” Consolidated Credit recently completed a survey to gain insight into Latino’s attitude toward holiday budgeting and shopping. The survey results show the percentage of Latino respondents who build a holiday budget, how much they spend on average, and how they tend to pay.
The survey was conducted during the last week of November 2015 and ran for 14 days. Over 550 respondents answered questions in Spanish—to reach the less acculturated segment of the Hispanic population living in the United States—about budgeting for the holidays and the use of credit cards for the holidays. The survey results were published on the new Spanish finance site CelebrandolaHispanidad.com.
Don’t Blow Your Budget This Holiday Season
If you made a holiday list, you may want to check it twice to ensure you are not exceeding your budget. And this holiday season, Hispanic-Americans may have more money in their pockets due to low gas prices, low inflation and a low unemployment rate. However, this “Not-So-Happy Holidays” article by Consolidated Credit cites a poll from CouponCabin saying 36 percent of shoppers will “exceed what they budget for holiday spending.” Meanwhile, only 16 percent say they’ll “spend less money than they budget.”
Credit Card Use Among Latinos
The majority of respondents (61.16%) prefer to use cash for holiday shopping to avoid the risk of getting into debt and paying high interest rates. Consolidated Credit believes that budgeting and financial planning would help Latinos reduce the risk and fear of credit card debt. “Budgeting for holiday shopping is not indicative of being overcautious but of a smart consumer. With the right budgeting tools, the Latino community can plan effectively, handle all the challenges that life can bring and grow financially over time,” said Gary S. Herman, president of Consolidated Credit.
Consolidated Credit in the Community
Over the years, Consolidated Credit has provided many financial literacy programs and workshops. They have 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. “As a member of the United Way Chairman’s Circle, we’re proud of the work we do providing the best financial education possible to everyone, regardless of income or social standing,” said Community Development Manager Beatriz Hartman.
In 2015, Consolidated Credit also received a Certificate of Distinction from the U.S. Department of Defense for their continued outreach and support of the men and women who serve in our Armed Forces. For more information on Community Outreach and Partnerships, click here.
Upcoming Webinars & Seminars
You can sign up here www.consolidatedcredit.org/webinars-and-seminars/ for online courses and local workshops to expand your knowledge on personal finances. Topics include: Living Debt Free, Budgeting 101, and Homeownership.
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.