How Hispanic Men and Women Match Up On Credit
Growing up in a middle-class neighborhood in Oakland, California I didn’t really have a clear understanding of credit, how to use it properly, or what to do with it to maximize my lifestyle. That’s why I’ve partnered with the Mom It Forward Influencer Network and am being compensated for my participation in this sponsored campaign with Chase to bring you my real story of how credit has impacted my life. The purpose of the blog is to express my main priority, which is teaching my children the importance of credit and how to use it for their benefit.
My mother raised me as a single mom and was in the survival mode of the day in day out grind of life. I was surrounded by families that reflected our lifestyle of the traditional working class families. The down fall of growing up in a pay check to pay check environment is that you’re most likely not being taught how to create a clear credit success plan.
Because of this I made it a point as a teenager and young adult to surround myself with mentors that could lead me into the direction of strategic success. Early on I realized a key component in this taking place was utilizing credit as a vehicle to obtain my dreams.
Looking back over my marriage, my ex-husband and I should have been much more open in the matters of finances. I believe this was a key factor in the breakdown of our marriage. It is important to be very transparent about your credit score and financial standing with your family. According to Hispanics who were served about improving their credit. 73% know their spouses credit score. Proving that Money, love and family do mix.
The one thing that I did right was purchase a home early on at the age of 20 years old.
Although I decided that purchasing a home early on was the best way to assure that I became a home owner, many of my close family and friends advised against this. They felt that I was “to young to be a home owner.” I am happy I listened to my gut and made the decision to use my credit for good at a young age, because I still own my first real estate purchase.
Due to circumstances our of my control as a child, I didn’t have a solid understanding of credit, loans, bills or finances in general. Everything that I discovered was through research, conversations and the hard knocks of life. Keeping up with credit card payments, a car note, mortgage, HOA and a local cable bill was more than enough for me to handle. One of my main training topics for my children is to be able to fully understand money and credit. How to utilize it and how to make it work for them. I began doing some research and I found out that Hispanic Americans are optimistic about improving their credit score in 2017 than any other nationality.
While fewer U.S. Hispanics are satisfied with their credit score compared to all adults, they appear to be more motivated to improve their score in the next year, with many more having a plan than adults nationally. Creating a plan is the first step in creating a solid credit standing. According to the Chase Slate 2017 Outlook Survey, less than half of Hispanics (47%) are very satisfied with their credit score compared to 55% of Americans nationally who have checked their credit score, but 72% of Hispanics would like to improve their credit score and more than half (57%) have a plan to do so. They are more likely to be motivated to check their credit score out of specific financial concerns rather than because the information is provided as a free service.
- Hispanics are checking their credit score for tactical reasons.
- Money and love do mix. In relationships, most Hispanics believe that having credit transparency in the couple is important
- Hispanic Millennials are the most motivated to improve their credit scores.
- Putting credit improvement plans into action.
- Hispanic parents want their children to learn about credit.
How do you feel about these findings? Do you feel like your community is has been properly trained and education on credit and how to make it work?
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