Let me tell you why so many Hispanics are in debt today in America. It's because no one is taking time to educate them about how to manage their finances.
I know this because I too once had trouble managing my finances. Nobody taught me about finances growing up so when I worked I spend my money and never saved. I didn't see why saving was important so I spend my check every month.
Saving money was foreign language to me. Now its common sense but that wasn't always the case. See I bought a brand new Ford Mustang when I couldn't afford it and that was the start of building debt.
There I was paying $400 every month to the Ford motor company for a new car that was losing its value every time I drove it to work.
I worked for four hard years having only a few hundred dollars to my name because all my money had been spent on food, entertainment and of course my new car which was sucking the life out of my wallet.
Let me just tell you that when you see Hispanics know that they are in the same position that I once was. I know because they are my family, my friends, me a couple years ago. Hispanics purchase these nice trucks and SUVs and finance them for 5 years making outrageous payments.
So when Hispanics then add a mortgage they also add financial stress every month. You see hispanics do not work off a budget most hope they can make it the next month. This is how they get into debt. They fall into making monthly payments on stuff they cannot afford.
I wanted Hispanics to know what I know so I started a site called Debt Free Hispanic so that others can learn from my mistakes and build wealth the way my wife and I are building wealth, saving money using our income. I only make a mortgage payments, I don't have any credit with anybody and that will never change.