What credit unions need to know about debt aversion in the Hispanic culture

first_imgWhy do Hispanic consumers tend to avoid debt?Although there’s no one right answer to this question, it’s important to remember conventional banking as we know it in the U.S. may not be part of the traditional Hispanic upbringing. As Glenn Llopis, founder of the Center for Hispanic Leadership, wrote in a HuffPost blog post, “This has led to a general mistrust of banks and, when coupled with a natural skepticism, would account for the $53 billion attributed to ‘unbanked’ Latino households (according to a research arm of the University of Virginia’s Darden School of Business).”We see the effects of debt aversion in higher education, as well. According to Hilda Hernandez-Gravelle, senior research fellow for the Institute for College Access & Success, several cultural factors contribute to the difficulty Hispanic students often experience when it comes to securing financial aid for college. These include fear of debt, mistrust of lenders and conflict between family obligations and educational aspirations. “While Latinos generally have a strong commitment to education, many believe that if you can’t afford to pay for it up front, you can’t attend,” Hernandez-Gravelle writes. continue reading » 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more


first_imgThe following incidents were reported in the USC Department of Public Safety daily incident log between Wednesday, Jan. 18, and Thursday, Jan. 19.Crimes against propertyat 12:34 a.m. on Jan. 19, DPS officers responded to a report of a bike theft in progress at Grace Ford Salvatori Hall of Letters, Arts & Sciences and detained two suspects matching the descriptions given by a witness.  A locked bicycle was recovered nearby and the witness stated that he observed one of the suspects carry it away while the second one acted as a lookout.  The registered owner informed the officers that no one had permission to remove her bike. The suspects were arrested and transported to S/W station for booking.At 4:14 p.m. on Jan. 18, a security guard reported that she observed a suspect remove her property from a plastic bag and a handbag she had placed on the front porch of Alpha Gamma Omega while she was stationed nearby.  The suspect was detained by DPS officers who responded to the scene and he was found in possession of the guard’s property.  The suspect was arrested and transported to 77th station for booking.Miscellaneous incidentsat 4:29 p.m. on Jan. 18, DPS officers stationed at Keck Hospital of USC saw a terminated staff member enter an administrator’s office and demand to speak with him.  The staff member was advised that she needed an appointment to meet with the administrator and the officers escorted her from the premises without further incident.at 9:49 a.m. on Jan. 18, DPS officers responded to a student who was feeling nauseated and weak. An LAFD RA unit was requested and Unit #15 responded. The RA Unit examined the student and transported her to California Hospital for medical treatment.last_img read more