(November 18, 2008)--At a time when some are struggling because of the economy, the growing Hispanic community in the area is saving, borrowing and spending, perhaps in part, one Hispanic attorney says, because they use cash rather than credit cards and don’t have credit card debt.
"Our business has seen a dramatic improvement, the increase in traffic in the bank is largely due to the Hispanic community," said Vice President of Lending and Development for Alliance Bank, Jose Mireles.
Although the financial crisis has left some skeptical about banks, the local Hispanic Chamber of Commerce says the Hispanic population is losing some of its doubts.
"We're starting to see the Hispanic population develop a trust with the local banks...and they're bringing their money from where they were storing it, maybe out from under their bed, and bringing it into the banking business where it can be FDIC insured," Mireles said.
Hispanics are borrowing to make major purchases, Mireles said, at a time when many consumers are reluctant to take on any additional debt.
"They are coming to us to get the big-ticket items such as the homes," Mireles said.
And the president of the Hispanic Chamber says Hispanic residents haven’t put the brakes on spending for the small-ticket items, either.
"They're continuing to spend money on food and clothing so their shopping habits haven't declined. As a matter of fact, if they're not sustained, they're actually growing," said J. R. Marquez, president of the Central Texas Hispanic Chamber of Commerce.
Attorney Gerald Villarrial says one reason Hispanics are spending is that most do not have credit cards or accompanying credit card debt.
"We deal in cash. We always pay things in cash and that's one of the reasons our population isn't suffering in the same way the general population is,” he said.
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