| August 1, 2014

Economic Issues still Worry Latinos

Even though many experts believe the recession is done, Latinos continue to stress about unemployment and foreclosure.

Latinos are concerned about debtThe unemployment rate recently dropped to 6.1 percent, a five and half year low, according to the U.S. Bureau of Labor Statistics. That may be a cause for celebration in some circles, but not in the Latino community.

According to a new poll by Latino Decisions, a leader in Latino political opinion research, 53 percent revealed “they are very or somewhat concerned” a person in the household would become unemployed. And one-third were concerned their home would be taken from them due to foreclosure. But it’s not all bad news.

American Dream still alive

Despite the strain of economic issues hovering over the Latino community, they still have faith in the American Dream. When asked what that dream consisted of Latinos answered:

  • Home ownership – 53 percent
  • Business ownership – 61 percent
  • Providing your children with opportunities – 95 percent
  • Equal treatment regardless of background – 85 percent

But there are roadblocks preventing them from realizing the Dream. Most Latinos, 67 percent don’t think they make enough money to cover daily expenses, and 65 percent fear their job does not offer chances for advancement, which lowers their odds of buying a home.

Home ownership help

The poll also showed that the Latino community “wants to see more outreach, information and policies geared towards improving home ownership possibilities.”

  • Eighty-six percent want the government to furnish tax credits to homeowners
  • Eighty-four percent want government-backed programs geared toward making mortgages easier to get
  • Eighty-four percent would like government policies to help with home ownership counseling and education

“There are opportunities for Latinos and others to receive housing counseling, which will give them professional advice on how to shop for a house and qualify for the best mortgage,” says Gary Herman, president of Consolidated Credit. “Many first-time buyers that aren’t familiar with the intricacies of the housing market benefit from counseling and they can also learn how to build a budget so saving for a new home becomes more efficient.”

Making the most out of what you make

A majority of Latinos would vote for a politician who is in favor of raising the minimum wage (55 percent). That reflects the mostly stagnant growth of the community’s financial situation. Only 37 percent said their finances improved during the past five years, while 25 percent said “they got worse.” Thirty-seven percent said things didn’t change at all.

“There are ways of making the most out of what you make,” notes Herman. “Taking advantage of free financial tools and learning new money saving strategies can help people stabilize their finances, and relieve the burden that money-pressures place on them. But it’s not easy. It takes discipline and knowledge. The first step is starting to educate yourself.”

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

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