FORT LAUDERDALE, FL – October 9, 2018 – (HISPANICIZE WIRE) – September 20, 2018 marked the tragic anniversary of one of the deadliest disasters in American history. The disaster fell during Hispanic Heritage Month which ends on October 15. We want to take this opportunity to raise awareness about the continuing recovery.

Puerto Rico Debt Statistics:

— Average student debt is $31,844

— 7 percent of households have debt

— 68 percent of debt is housing (mortgage) debt

— 23 percent of families have outstanding credit card debt

— The percent of debt to personal income is 87.5%

Source: Debt Consolidation in Action: Puerto Rico

As shown, debt statistics in Puerto Rico are alarming but luckily, there are programs available to Puerto Rican residents that allow them to consolidate debt in the same way residents can in the continental United States.

“I am very grateful to Consolidated Credit for the assistance they have given me in helping me cope with my debts. I was having a hard time trying to keep up and one day I saw an ad and called. They were very helpful with managing my problem. I would recommend their services to anyone who wants to be able to sleep at night, and not worry about debt.” Mary C. from Morovis, PR.

Overcoming credit card debt challenges with credit counseling is becoming a viable option for those that need help in Puerto Rico to deal with financial distress. At the same time, by increasing financial education, Puerto Rican families will be better prepared to address future challenges that can endanger their financial stability.

To help in this regard, Consolidated Credit has created Celebrando,” says Beatriz Hartman, Community Development Manager for Consolidated Credit. . “The role of the Spanish-language website is not only to celebrate the contributions of Latin culture in the U.S., but also to help Hispanics to build financial literacy that’s often lacking due to cultural differences and language barriers,” she added.

Can Puerto Rico Recover and Reduce their Debt from Maria Before the Next Storm Hits?

Consolidated Credit conducted a survey regarding “The Debts of Puerto Ricans due to Hurricane Maria.” At the time of this publication 438 people had answered a total of 13 questions and have created two infographics:

— Infographic “Las Deudas de los Puertorriqueños por el Huracán María – Parte 1” [en español]

— Infographic “Las Deudas de los Puertorriqueños por el Huracán María – Parte 2” [en español]

Besides, Consolidated Credit also has a Spanish-language website, a Facebook page and a YouTube channel with rich unique personal finance content that creates awareness to build pathways to a strong, diverse middle-class.

Tools and Other Financial Resources * [ver en español]

A Note on Terminology

The terms “Latino” and “Hispanic” are used interchangeably in this press release.

About Consolidated Credit: 
Consolidated Credit <> is one of the nation’s largest credit counseling agencies and has helped over 6.5 million people over more than 25 years with financial issues. Their mission is to assist families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling. The organization is ISO 9001:2000 registered, members of the Better Business Bureau and Association of Credit Counseling Professionals.

Consolidated Credit launched in September 2015. The website is geared towards aiding Latino families in their quest for financial health and the accumulation of savings. This year marks the third anniversary of the Spanish-language finance website launch and Consolidated Credit once again, wishes to congratulate our Hispanic population for their achievements and valuable contributions to the nation.

About the Hispanic Heritage Month:
The annual celebration of Hispanic Heritage began in 1963; however, the initial celebration lasted only for only one week. The actual month-long celebration from September 15th to October 15th, began in 1988, after Law 100-42 was passed by Congress in August of that same year, supported by President Ronald Reagan. The date chosen for the month-long celebration marks the anniversary of the independence of five Latin American countries: Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.