According to a survey conducted by BSP Research, the majority of Latinos living in the United States are unable to cope with a possible emergency situation that would involve spending more money than they earn each month.
In concrete terms, two-thirds of said population residing in the American Union lacks at least $500 dollars saved for extra expenses, which places them in a situation of financial vulnerability compared to the rest of the population.
In the same survey, of the nearly 1,200 consulted that were taken as reference, the 36% confessed at some point they have been forced to request loans from friends or relatives to deal with the complications they face.
In this regard, Janet Murguía, president of UnidosUS, the organization behind the survey, indicated that the Latino community requires the US government to create better mechanisms for access to affordable credit.
“Millions of Latino workers , including the 70% that are considered essential, helped sustain the economy during the pandemic, but their financial health is suffering from lack of access to affordable and safe credit.
We urge the Administration of President Joe Biden, regulators and the banking industry to work together to ensure that Latinos have the same opportunities to access a affordable credit than the rest of the population,” he said. through a statement.
And based on the information collected, it was also possible to determine that, given the impossibility of accessing affordable banking products, the majority of Latinos who obtain loans through financial institutions end up over-indebted, to the extent that more than a third of those surveyed say they are not sure of being able to pay their loans in the next few years years.
It is noteworthy that the The survey also determined that only 57% of Latinos have a credit card in the United States, which contrasts with the 84% of the rest of the population.
Now, the 15% of this segment of Latinos lack a bank account, which nationally represents 5.4% of the total number of the population.
In this way, the lack of a solid credit history t It also becomes a great inconvenience for Latinos to acquire a home, something that 57% of those surveyed consider too expensive.
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