Appraising the Personal Finance Needs of the Hispanic Community

Austin, TX—May 28, 2007—The Hispanic community is extremely diverse; still there are several things that they have in common. One that clearly stands out is their need to get caught up with the general market in their understanding and use of the different personal finance products available to them.

The lack of access to personal finance products and to the institutions that offer them are notable shortcomings Latinos are facing today, especially for those who are recent immigrants.

This fact, combined with predatory practices from unscrupulous companies preying on Hispanic's little to nonexistent experience on this matters, has generated such headlines as this recent one on USA Today: "Minorities hit hard rising costs of sub-prime loans". Nowadays similar stories are being told for many other personal finance products, among them, credit cards, auto loans, money transfers, auto insurance, debt consolidation, and personal loans.

What has made the Hispanic Market so attractive to the financial industry is the fact that not only their headcount is rapidly increasing, but their buying power is growing at a faster pace than their sheer numbers (2.5 times the growth rate of the General Market's buying power, according to the Selig Center for Economic Growth.)

There is a need for guidance within the Latino community on how to maintain and increase their new-found wealth. It is not only a question of what products are available for them and which one is the best at a given time, there is a need for understanding each product's characteristics and its correct use.

With the online Hispanic population growing at a 13% rate in 2006, versus a 2% growth for the general population (comScore MediaMetrix, 2006), the time is right for a trustworthy, one-stop online destination for Hispanics to access personal finance products and educational resources, in their language of choice, using either their SSNs or ITINs.

In comes Creditos123.com; the brain child of Latino entrepreneur Daniel Marcos, who is committed to making the website the most trusted source of financial products and information for the Hispanic community. Through it, upward mobile Latinos will be empowered with valuable solutions to accelerate their financial growth.

Creditos123.com was born out of the strong belief that credit should not be considered as an obstacle toward the road to success and independence, but an instrumental factor, that helps individuals achieve their goals and objectives in life.

From financing their home to transferring money to their loved ones, getting a secured credit card or financing their way through college, Hispanics now have a culturally friendly one-stop shop to solve their financial needs.