When is credit bad? Guide for Latinos in the United States

Credit is a tool that, if handled correctly, can open doors and create opportunities for you and your family.

For the Latino and Hispanic community, understanding how to use credit effectively is essential to achieving financial and personal goals.

Bad credit is not simply the result of overspending; It is a reflection of financial decisions that can have long-term repercussions. Pay attention to these scenarios and try to avoid them:

 

 

 

 

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1. Superficial spending and lack of financial planning:

Excessive use of credit cards: Accumulating debt on credit cards with high interest rates for non-essential purchases, such as luxury items or latest electronics generation.

2. Financing “non-essential” surgeries and medical procedures:

Medical debt: Opting for cosmetic procedures or elective surgeries without considering the financial impact, especially when financed with high-interest loans or credit cards. medical credit.

3. Trips financed with debt and lack of prior savings

Vacation without a budget: Planning international or luxurious trips without a savings fund, resorting to personal loans or credit cards.
Ignorance of costs totals: Ignore associated expenses such as travel insurance, exchange rates and other unforeseen costs.

Credit is a sophisticated tool that, handled expertly, can be a catalyst for achieving financial and personal goals. 
As experts in credit counseling, our commitment is to empower the Latino and Hispanic community with advanced knowledge and strategies to navigate the financial system with confidence and success.
Surrounding yourself with qualified professionals and staying informed are fundamental pillars for making decisions that will benefit not only your present, but also the future of your family.