A campaign to increase public awareness of ways to manage credit and to provide personal finance counseling and debt management programs has been launched in East Los Angeles.
The Hispanic Credit Education Campaign is supported by lenders, merchants and financial institutions under the leadership of the nonprofit Consumer Credit Counseling Service of Los Angeles, officials said.
"A core value of the Hispanic culture is economic progress and self-sufficiency," said Hector Perez, the campaign's founder.
"Many new immigrants, as well as second- and third-generation families, want to own their own home, to have the ability to finance their child's college education and start their own business."
Many families declare bankruptcy after minor credit problems because they do not realize or understand the long-term impact, he said. Information: (800) 682-9832.