Why do many Hispanics only use cash?

[ukrkoz]

1. because they do do cash jobs
2. because, like someone said, it is the smart, even the right way of doing it. Cash is much better way to pay, than cards. Then again, I can tell from how they fill their grocery carts, they do not have much sense of saving $$. It's truckloads, and most is junk food.

[mgforshort]

A good friend of mine used to pay everything with cash. They are white, and US citizens, but they didn't believe in debt or credit cards. They bought everything with cash, be it a can of soda or a car.
To make a long story short, he lost his job and apartment at the same time. The apartment came with the job and was part of the job contract.
They had about $ 40,000 in savings, so they went out to look for another place to live. No one would rent to them because they had absolutely no credit history, not even a single gas card.
When they told the landlords that they are willing to put up all kinds of security and pay a year's rent in advance, all landlords were scared that they are drug dealers.
The only choice they had was to move in with family in Colorado.
The second day there they applied for a secured credit card with their own bank, then later a Shell Gas card, and a Target Visa. It was a painful lesson.
We, on the other hand, pay everything with Visa or M.charge if it cost more than $ 10. The bonus is that the end of the month I can check on the Internet how much we spent, and on what.
Occasionally I get a free camera or CD player by cashing in the free bonus points on Amazon.
As for paying interest, or late fees, I must shamefully admit we paid once $ 15, in the last 35 years.
You see, our B of A Visa card statement was lost in the mail.
And as a side note, how much luck you had getting a full refund on that $ 2,000 sofa you got at the swap meet for cash when you found the rat poo under the cushions?

[leigha10]

Im Hispanic and I only use cash (never have wads of it though lol). I pay my rent/bills with money orders. I have prepaid Wal-Mart credit card so if I want something online, I put some money on the card and buy it. I am bad with checking accounts. Im better with money when I have it in my hands not in my account

[pinipig523]

Probably because they can't get credit or bank accounts for some reason or another.

Though I'm sure some do it because it's their culture.

[Rakin]

Originally Posted by LordSquidworth

To an extent; it's probably cultural.
It takes a couple generations for full assimilation. I'd imagine where they came from there isn't widespread debit/credit card use.

In Mexico they don't trust the banks and there is no FDIC Insurance.

It's safer to have cash in the hand then in many Mexican Banks.

This carries over to the Hispanics in the US

[californiawomann5]

Originally Posted by Clemencia53

For some they look at it as a status symbol, but who are they fooling? This is just the ones I have known personally.

Could be something else. You will see long lines at our small town bank when SS checks hit. They will keep the cash in the envelope the bank gives them. Its dangerous I think.

I do carry about 100 dollars in cash with me - but in smaller bills. I used to be careless and leave cards behind at stores, but thankfully they were never used by anyone else. So I only take them with me when I know I am going to make a larger purchase.

That's about what I carry also.

As you stated, the risk of ID theft by just using the cards is much highter than it is you'll be mugged. Now add the risk of the credit companies stealing from you, that also is more likely than you getting mugged Well in most neighborhoods at least. Or I'd hope