Nonprofit Money Management International Reports Dramatic 54% Surge in Hispanic Clients Seeking Credit Counseling as Financial Disparities Widen
STAFFORD, Texas, March 26, 2025 (GLOBE NEWSWIRE) -- Money Management International (MMI), a leading nonprofit dedicated to financial counseling and education, today announced a staggering 54% increase in Hispanic clients seeking credit counseling services in 2024—far outpacing the 31% increase among White non-Hispanic clients.
This sharp rise underscores a growing financial crisis within Hispanic households, driven by widening income disparities, escalating housing burdens, and deepening budget deficits.
'These numbers are more than statistics—they represent families struggling to make ends meet,' said Emanuel Rivero, Vice President of Operations at MMI. 'With incomes failing to keep pace with inflation and financial safety nets stretched dangerously thin, many Hispanic households are turning to credit counseling as a last resort. At MMI, we are committed to providing culturally relevant, language-accessible financial solutions to help navigate these challenges.'
Key Financial Trends Among Hispanic Households in 2024:
Explosive Growth in Credit Counseling Demand: Hispanic individuals now account for 28% of MMI's credit counseling clients, with demand skyrocketing 54% year-over-year, compared to a 31% increase among White non-Hispanic clients.
Surging Need for Spanish-Language Financial Support: The number of clients receiving financial counseling in Spanish has soared by 135% in 2024, emphasizing the critical demand for culturally tailored financial guidance.
Worsening Income Inequality:
· Hispanic clients report earning $15,000 less annually than White non-Hispanics ($49K vs. $64K).
· Hispanic income growth in 2024 was 4%, significantly trailing the 10% increase for White non-Hispanics.
· While budget deficits persist across all demographics, the shortfall for Hispanic clients worsened by 11% YoY, while it improved by 7% YoY for White non-Hispanic clients.
Housing Costs Disproportionately Impact Hispanic Families: Although Hispanic and White non-Hispanic clients spend comparable amounts on housing, Hispanic households allocate a significantly higher percentage of their income toward these costs (27.5% vs. 23%), leaving them with less financial flexibility and greater vulnerability to economic shocks.
Limited Access to Credit Presents Additional Hurdles:
· Hispanic clients carry lower unsecured debt ($24K) compared to White non-Hispanic clients ($32K), likely reflecting reduced access to credit rather than lower financial need.
· Many Hispanic clients experience higher rejection rates for traditional lending, making it more difficult to consolidate debt, build credit, and achieve financial stability.
MMI provides free and low-cost financial counseling services in English and Spanish to address these disparities. MMI delivers personalized budgeting strategies, debt repayment plans, and credit-building resources to help individuals regain control of their finances.
About MMI
For over 65 years, Money Management International (MMI) has been at the forefront of financial health solutions, helping individuals and families break free from debt and build a secure financial future. As a trusted nonprofit leader, MMI is dedicated to transforming how Americans navigate financial challenges by providing expert guidance, innovative programs, and culturally relevant financial education. Recognized by major financial institutions and media outlets, MMI's award-winning services support long-term financial stability and success. Learn more at MoneyManagement.org.
Thomas Nitzsche
Vice President of Public Relations
404.490.2227
Jackie Callaway
Media Relations
813.610.8241
Lori Geary
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
32 minutes ago
- Yahoo
Recorder's Office offers free property fraud alert service
GOSHEN — The Elkhart County Recorders Office is offering a free service that alerts property owners and homeowners to potential fraud. Property Fraud Alert offers: Ability to sign up online or via phone Spanish support for website and alerts Receive alerts via text, email or phone Property Fraud Alert (PFA) is an online subscription service offered to the public that allows individuals to have their name monitored within the County Recorder's Office in order to track possible fraudulent recordings that affects their property. While the Recorder's Office has been offering this service for several years, there have been some recent updates and additions to the program, Elkhart County Recorder Kaala Baker said. Property Fraud Alert is now available in both English and Spanish, making it usable to a wider audience and susceptible group to fraud. In addition, the phone alerts now include specific details regarding the document with both language options. Subscribers can also now choose to receive a text message alert when a document is recorded in their name. This will ensure that they never miss an update and can continue getting the most out of PFA. The revamped website is even easier for subscribers to use, and contains all the same information about the service laid out in an intuitive manner. And as always, this is free service to the community. Participants enter their personal and/or business name, and they will be notified when a document is recorded with your name match. While PFA does not prevent fraud from happening, it provides an early warning system for property owners to take appropriate actions should they determine possible fraudulent activity has taken place, Baker said. Property Fraud Alert is available by subscription on the web at or by calling 800-728-3858. The PFA link is also available from the Elkhart County Recorder's website. -departments/recorder/.
Miami Herald
2 hours ago
- Miami Herald
Costco goes bananas to protect members from tariffs
As a general rule, it's a good idea for retailers to offer outstanding customer service. But Costco takes that concept a step further than most. Costco is known not only for its extremely competitive prices, but also for one of the most flexible return policies in all of retail. Buy something you don't like or whose quality isn't up to par, and with very few exceptions, you can bring it back for a full refund at any time. Don't miss the move: Subscribe to TheStreet's free daily newsletter Costco does other things to offer great value to members. It keeps a close eye on its inventory, while aiming to introduce new products from which customers can benefit. Related: Costco plans new checkout option members should love And you can bet that Costco keeps tabs on prices, too. The warehouse club giant prides itself on offering unbeatable deals. Those extend to everything from groceries to household essentials to electronics. Even though the tariff situation is still evolving, it has retailers spooked across the board. Many retailers rely on foreign trade partners to source goods. And they know that if tariffs drive the cost of goods upward, they're going to have to pass at least some of that increase onto consumers. Related: Costco quietly drops popular product, saddens fans Unfortunately, consumers can't afford to be paying more at the register at a time when inflation is still a problem. So it's a tough situation overall. Recently, Walmart CEO Doug McMillon acknowledged that the company might have to raise prices in response to tariffs. Even though he noted that Walmart would do its best to avoid tariff-related increases, he owned up to the fact that the company probably would not be able to absorb all of the extra costs on its own. If a giant like Walmart is sounding tariff warnings, you can bet that smaller retailers will be looking at raising prices, too. They may simply have no choice. While many retailers are sounding alarms on tariffs, Costco is doing the opposite. During the company's most recent earnings call, the Costco leadership team reassured investors that it had the tariff situation under control. "We're remaining agile as a situation with tariffs evolves," CEO Ron Vachris said. "As an example of this, during the third quarter, we rerouted many goods sourced from countries with large tariff exposure to our non-U.S. markets." Related: Costco brings back food court favorite, but members aren't happy In addition to moving goods strategically, Costco also intentionally held prices steady on key grocery items, even if that meant eating into profits. During that same last earnings call, CFO Gary Millerchip called out two such items – pineapples and bananas. "We felt it was important to really eliminate the impact there for the member," Millerchip explained. "We essentially held the price on those to make sure that we're protecting the member." In addition to keeping prices steady on key produce items, Costco also lowered prices on essential items like butter, eggs, and olive oil, Millerchip said. More Retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers To be fair, Costco isn't just holding and lowering prices out of the goodness of its heart. The company relies on membership fees for a huge chunk of its revenue. So Costco is invested in making members happy by keeping prices as stable as possible. But regardless of the company's motives for keeping prices low, Costco members still benefit. And at a time when so many retailers may be looking at price increases, Costco's commitment to shielding members from tariffs can't be overlooked. Maurie Backman owns shares of Costco. Related: Walmart makes surprise cuts as it looks at tariff price hikes The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
2 hours ago
- Yahoo
Ready Payday Loans Launches Online Submission Form for Fast Bad Credit Loans and Same Day Personal Loan Approvals
LONG BEACH, Calif., June 07, 2025 (GLOBE NEWSWIRE) -- Ready Payday Loans, a leading financial services provider specializing in fast, accessible loans for consumers with bad credit, has launched a brand-new Online Loan Submission Form to simplify access to same-day payday loans, no credit check personal loans, and emergency loans for bad credit. The announcement marks a major milestone in the company's commitment to streamlining the lending process and delivering faster results for borrowers nationwide. If you need cash fast, don't wait—visit and apply in minutes for instant results. The redesigned platform is optimized for both desktop and mobile users and allows individuals to complete a loan application in just minutes, receive same-day funding, and get matched with lenders based on real-time financial data—without requiring a hard credit check. 'Ready Payday Loans is a leader in the payday loans industry, providing same day results for consumers,' said Randy Murrie of Ready Payday Loans. 'This new form is just one more way we're making fast, accessible funding available to people who need it most.' A Game-Changer for Borrowers with Bad Credit Unlike traditional lenders that often reject applicants with credit scores below 600, Ready Payday Loans was built to serve the underserved. With the launch of the Online Loan Submission Form, borrowers across the U.S.—regardless of their credit history—now have a trusted, hassle-free option for obtaining personal loans with guaranteed approval or installment loans for bad credit. The company's extensive lender network evaluates each applicant using flexible criteria such as income verification, employment status, and repayment history, rather than relying solely on credit scores. Key Features of the Ready Payday Loans Application System With user convenience and speed as top priorities, the new loan submission system offers: Loan Amounts: Ranging from $100 to $5,000 Credit Requirements: All credit profiles welcome Application Time: Less than 5 minutes to complete Approval Speed: Instant decisions in most cases Funding Timeline: Same-day disbursement for qualified applicants Security: No hard credit check, encrypted data processing Availability: 24/7 loan matching, even on weekends and holidays Whether you need help covering emergency expenses, unexpected car repairs, medical bills, or overdue rent, Ready Payday Loans is designed to help consumers bridge the gap between paydays—without delays or red tape. Why Consumers Are Turning to Ready Payday Loans In an increasingly digital financial landscape, speed and simplicity are everything. Here's why Ready Payday Loans has become a go-to choice for consumers seeking bad credit personal loans online: Same-Day Results – Funds typically deposited within hours No Paperwork or In-Person Meetings – 100% online and mobile-ready No Credit Check Loans – Soft inquiries only, no impact on score Emergency Loans for Bad Credit – Ideal for urgent financial needs Trusted Nationwide – Serving customers coast-to-coast In contrast to traditional banks and credit unions, which often have stricter lending policies, Ready Payday Loans offers a fast-track alternative for people with poor or limited credit histories. Consumer Education: What to Know Before Applying Applying for a loan with bad credit doesn't have to be intimidating. Ready Payday Loans encourages all consumers to consider the following best practices before submitting an application: 1. Review Your Credit Report Mistakes on your credit report—like outdated accounts or incorrect balances—can negatively impact your score. Dispute any inaccuracies with the credit bureaus. 2. Understand Your Income-to-Debt Ratio Make sure you have enough monthly income to cover both your existing expenses and your loan repayment. Lenders will often review this ratio before approval. 3. Avoid Multiple Hard Pulls Stick with platforms like Ready Payday Loans that use soft checks, so your credit score remains unaffected while shopping for offers. 4. Define Your Loan Purpose Clearly identifying whether your loan is for car repairs, rent, groceries, or utilities can help match you with the most suitable lending partner. By following these tips, borrowers can improve both their short-term approval odds and their long-term financial wellness. About Ready Payday Loans Headquartered in Long Beach, California, Ready Payday Loans has served thousands of Americans looking for fast, flexible financial solutions. The company specializes in: Payday Loans for Bad Credit No Credit Check Loans Installment Loans Online Emergency Loans with Same-Day Approval Ready Payday Loans operates with a mission to deliver honest, efficient, and secure lending experiences for everyday consumers—especially those underserved by traditional banks. With 24/7 access, transparent loan terms, and an emphasis on privacy, the brand has grown into one of the most trusted online lenders for short-term cash loans. Final Word As more Americans face rising expenses and limited access to traditional credit, services like Ready Payday Loans are filling a critical gap. The launch of the new Online Loan Submission Form positions the company as an even more vital resource in the bad credit loan and payday lending space. Take control of your finances today—visit now and get approved in minutes for the loan you need. A photo accompanying this announcement is available at CONTACT: Media contact: Vice President: Randy Murrie support@
