Does English Language Proficiency Directly Correlate with Participation in the Traditional American Banking System?

Our program is automated, instant and fast. Offering $1,500 Cash in as fast as 1 Hour!

Congress is launching a study to discover the correlation between non-native English speakers and the likelihood of them participating in the traditional American banking system. As one of the provisions of the Credit CARD Act of 2009, our federal government is now required to examine further whether a relationship exists between English proficiency and financial literacy.

If there is a positive coloration, than we may understand more why immigrants, mainly Hispanics, have a tendency to not participate in the current American banking system, and often choose to utilize higher-fee-based financial products like check cashing and payday advances in lieu of traditional credit cards, because they may not understand the English financial language and terms and conditions associated with traditional banking products. Here are some staggering statistics below collected from past studies on Hispanics and financial practices, conducted in 2008:

Past studies show that Hispanics are much less likely than Caucasians to own a credit card, but more likely to carry a balance if they do have plastic.
Only 58% of Latinos had a credit card in 2008 as opposed to 73% of Caucasians.
48.4% of Latinos carried debt vs. 46.1% of Caucasians.
33% of Hispanics say that they "know nothing about financial services/investments," a higher percentage than non-Hispanics 25 %
12.9% of Hispanics have a credit card interest rate greater than 20%. Just 7.5% of Caucasians had cards with a rate that high.
The number of people who speak a language other than English at home grew by 38% in the '80s and 47% in the '90s, according to Census data. Numbers are expected to balloon again when 2010 figures come in for non-English speakers, the vast majority of whom are Hispanic.
19.3% of Hispanics had no checking or savings accounts.
24% of Hispanics fell into the "underbanked" category -- those who have checking accounts but use alternative services such as payday loans or overdraft programs.

Currently, congress has not announced any more details of their investigation. But currently, the FDIC is wrapping up a two-year pilot project, encouraging banks to offer such short-term, small-dollar loans of under $2,500 to low-income Americans, many of whom have low or no credit scores, with the goal being to help unbanked or under banked Americans, and avoid quick-cash loans with high fees.

Safe and Secure

At MoneyNowUSA.com - We work hard to protect your personal information and privacy. We use VeriSign 128 bit encryption technology to ensure that the transfer of your data is safe. Our HTTPS protocols make certain that your personal information, like social security and bank information, is completely protected. We are supported by: