Hispanics Are Learning To Make Credit Work For Them.

Credit can be an effective money management tool and like most tools, you have to learn how to use it properly.

The new web site http://www.libredeudas.org contains tips and facts to help you become a better money manager.

According to a recent survey conducted by Consolidated Credit Counseling Services, Inc., a national nonprofit credit counseling organization, many people still have a lot to learn when it comes to using credit wisely.

The survey of nearly 5,000 individuals revealed the following:

— They reported that they save only about one percent of their income.
— Over half, 58 percent, said that their credit cards are at or near their maximum.
— Over one third, 37 percent, have taken cash advances from one credit card to make monthly payments on another card.
— Fifty-nine percent pay only the minimum due each month.

“About 190 million Americans have credit cards and, on average, they spend $1.22 for every dollar they earn,” said Lupita Ramirez a debt specialist at Consolidated Credit. “It’s easy to get into trouble with debt—getting out can be much more difficult. Whether you have financial problems due to buying a new home, having a baby, an illness, or any other situation, the important thing is that you take steps to get free from debt.” Ramirez continued.

As part of a campaign to educate consumers on credit, Consolidated Credit has posted information on how to use credit wisely, how to start and stick to a budget, restoring credit, and advice on choosing a credit counseling agency. Consumers can also call 1-800-250-4439 for a free budget analysis; to learn how to pay their way out of debt and how to use credit wisely.

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