FORT LAUDERDALE, FL – August 26, 2021 – (LATINX NEWSWIRE) – Latinos in the United States are spending more preparing for natural disasters in 2021 than they did in 2020, and the reason is simple: COVID-19 showed just how scary life can be when you don’t have enough supplies and planning.
When Debt.com en Español polled more than 1,000 Spanish-language Americans, 3 in 4 said they were either “spending a little more than usual” or “spending at least double” getting ready for hurricanes, tornadoes, flooding, blizzards, and earthquakes. Only 1 in 4 said they were spending less than before. They all said COVID-19’s aftermath was directly responsible for their extra allocations.
Now we’re seeing how long that will last. At least in this one area, for this one year, it’s obvious: COVID-19 took such a terrible and sudden toll, no one wants to be caught unprepared again – for anything.”
Debt.com en Espanol’s Natural Disaster Survey not only revealed that most Hispanic-Americans will be spending more money, they’ll also be paying more attention. Nearly 85 percent said they’ll “take government warnings more seriously and will prepare much better than I have in the past.” Only 3 percent said, “The pandemic actually made me more doubtful of government warnings and suggestions for preparing for natural disasters,” and 12 percent expect no changes in their planning.
For Dvorkin, a financial counselor for nearly three decades, two survey results intrigued him the most. First, for those who have been through a natural disaster before, less than 26 percent needed to use their credit card to pay for their recovery efforts. Yet those who did need their credit card for recovery efforts spent a significant amount: More than 4 in 10 charged over $500.
“On the one hand, I’m encouraged that many people could get their lives back to normal without charging extra on their credit cards – because it’s a very expensive form of debt,” Dvorkin said. “On the other hand, I worry about those who charged $500 or more. I suspect some of them are still paying that off, since their interest rate could easily top 20 percent.”
ABOUT: Debt.com is the consumer website where people can find help with credit card debt, student loan debt, tax debt, credit repair, bankruptcy, and more. Debt.com works with vetted and certified providers that give the best advice and solutions for consumers ‘when life happens.’