In a recent study by the NAACP it was shown that 79% of Latinos carry credit card debt while 54% of White households carry credit card debt. It is also the case that Latinos carry a much higher interest rate on the credit cards the possess. Since exiting the “Great Recession” Americans have seen the number of bankruptcies increase.
No matter what our background it seems to be the case that many American citizens are relying on credit cards much more.
Data shows that over $90 billion has been cut from credit card debt from 2008 to 2009 but citizens are still relying on plastic when it comes to making large purchases. When asked what Latinos are using credit cards for many report that they are buying the necessities such as food, toilet paper, paper towels and family emergencies. Spending money on a credit card for these necessities is not the issue. This issue is letting a balance build up on these credit cards and having to pay a very high interest rate on these purchases. SOURCE: SUBPRIME BLOGGER
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