SILVER SPRING, Md. - While many Americans are currently struggling with their finances, a new study suggests Latinos are having significantly higher problems paying bills right now.
The National Foundation for Credit Counseling/MSN Money 2008 Financial Literacy Survey found:
* 28%, or roughly 6.6 million Latinos, admit to struggling to pay their bills each month, sometimes skipping monthly payments, having accounts in collections or seriously considering filing for bankruptcy.
* For most households, housing costs comprise the single largest monthly expense. Roughly 1.7 million Latinos reported that they either paid their mortgage late or totally missed a payment in the last 12 months, putting their most important investment at risk.
* 21% of Latinos (about five-million people) admit to having no idea what they spend their money on.
* 58%, or roughly 13-million, among the Latino population report no savings beyond that which is earmarked for retirement.
*37%, or approximately 9-million Latinos, have nothing saved for retirement.
* 35% (8 million) said they have no medical insurance.
59% of Latinos said they have no homeowners insurance, and 84% said no renters insurance.
* 40% said they have no credit card.
* 32% of Latinos reported a credit score under 700.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
