Do you want to know why so many Hispanics are in debt? I'll tell you, it's because nobody is out there helping them to make the right financial decision.
I know this because I too once had trouble managing my finances. Nobody taught me about finances growing up so when I worked I spend my money and never saved. I didn't see why saving was important so I spend my check every month.
You may be thinking to yourself, saving is common sense. Don't judge me yet, keep in mind that i'm debt free but boy I used to be far from it. I had a brand new Ford Mustang that kept me from building wealth.
Every month I would pay $400 to the Ford financing department on a new car that lost most of its value in the first two years.
I worked for four hard years having only a few hundred dollars to my name because all my money had been spent on food, entertainment and of course my new car which was sucking the life out of my wallet.
Hispanics that you see every day are no different than what I am describing to you today. They go out and purchase these top of the line trucks and SUV's and they get stuck having to make ridiculous amounts every month just in car payments.
Add a typical mortgage to the Hispanic family and now you really having them in a financial bind. Their budget is small as it is and their income is low so this is how Hispanics go into debt. They fall into the trap of having to go into debt in order to build up their credit score.
Today I want more Hispanics to pay off their debt so they can build a better future for their children so I started a site called Debt Free Hispanic. The site is built to help others learn from my mistakes. I write about saving money and building wealth with your income. I do not recommend using any credit to make purchases, that is how you become debt free.
