Results highlight how the Hispanic community continues to have a harder time achieving financial stability in the current economy.
FORT LAUDERDALE, Fla., Aug. 25, 2022 /PRNewswire-HISPANIC PR WIRE/ — Online shopping may have offered a lifeline to consumers during the pandemic, but for members of the Hispanic community that lifeline could be making it harder to stay afloat. That’s according to a new consumer shopping survey by Consolidated Credit. The organization, whose mission is to helping families solve financial crises through education, polled 840 consumers in English and Spanish to ask about their online shopping habits.
The results show that most consumers (64%) started shopping online more as a result of the pandemic, and most of those who started shopping more (52%) haven’t slowed down. However, when asked if online shopping makes it harder to budget, 56% of Hispanic respondents said yes compared to just 40% of the general population.
Spanish speakers also report greater difficulties paying off online purchases. Across all ethnic groups, 78% of shoppers who use credit cards to make online purchases pay them off in the first billing cycle. Yet for Spanish speakers, 57% say they can’t pay off charges that quickly. The Hispanic community is also more likely to use Buy Now Pay Later (BNPL) services. Less than half (46%) of the general population has used BNPL, compared with 71% of Spanish speakers.
“Online shopping may be convenient, but if you’re living paycheck-to-paycheck, it’s almost certainly going to make it harder to maintain a budget and avoid debt problems,” explains Consolidated Credit’s director of education April Lewis-Parks. “That’s what we see in these results. We know the Hispanic community was hit harder by the pandemic and these results affirm that as community they may be having a harder time achieving financial stability in today’s economy.”
Lewis-Parks encourages everyone to budget aggressively to stay ahead of rising costs, and for those carrying credit card balances, now is the time to get help.
“Credit card bills drain income needed to cover daily costs in the face record inflation,” Lewis-Parks continues, “Consumers who are struggling to make ends meet need to reach out for help. Nonprofit organizations like Consolidated Credit can help.”
Consolidated Credit offers free budget and debt counseling in English and Spanish, as well as a range of free resources in both languages. The organization works closely with local governments and nonprofit organizations to reach underserved communities. Consumers facing financial challenges can call 1-888-899-3492 to get free financial counseling.
About: In 29 years, Consolidated Credit has helped over 10.2 million people overcome debt and financial challenges. Their mission is to assist families throughout the United States to end financial crises and solve money management issues through education and counseling.
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SOURCE Consolidated Credit
