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Hispanic Holiday Shopping Habits and Credit Card Debt FAQ
TL;DR
Consolidated Credit's survey reveals 63% of Hispanic consumers prefer online shopping, offering businesses targeting this demographic a competitive advantage through digital channels.
The survey methodology involved 300+ US and Puerto Rican adults, with 34% shopping online 2-3 times monthly and payment preferences showing 25% debit cards versus 13% credit cards.
Consolidated Credit provides free financial counseling to help consumers manage debt and create budgets, promoting financial stability and reducing economic stress for families.
Despite existing credit card debt, 44% of Hispanic consumers plan to spend $100-500 on holiday shopping, highlighting the tension between financial caution and seasonal spending habits.
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According to the survey, 63% of Hispanic respondents prefer to shop online rather than go to physical stores.
44% plan to spend between $100 and $500, while 26% will spend $50-$100, 15% plan to spend $500-$1,000, and only 3% plan to spend more than $1,000.
Debit cards represent 25% of preferences and credit cards account for 13% of payment methods for online purchases.
Many respondents already carry significant credit card debt, and additional holiday spending could worsen their financial situation if not managed carefully.
Every credit card transaction can generate interest if the total balance isn't paid monthly, transforming small frequent purchases into large, difficult-to-manage debt.
Experts recommend creating a realistic budget, knowing your debt-to-income ratio, establishing clear spending limits before sales events, and avoiding getting carried away by discount emotions.
34% of participants shop online 2-3 times per month, and 8% do so 2-3 times per week.
Consolidated Credit offers free counseling to analyze financial situations and help find solutions, plus educational resources for better money management.
The survey included more than 300 adults in the United States and Puerto Rico, though the specific conducting organization isn't named in the content.
Consolidated Credit is a non-profit organization that provides financial counseling and debt management education to help consumers regain control of their finances and reduce economic stress.
Curated from Noticias Newswire
