Non English Speaking Customers
and Debt
It can be difficult for those that have lived in this country
their whole lives to understand the terms and conditions for
taking on a debt consolidation. There are all kinds of fees
involved, sometimes there are penalties for paying it off early,
you might not understand what interest rate you ended up with,
etc. Most people do not spend their days working on debt
consolidation loans, so it can be a very confusing time for
them.
But what if you don’t speak English? What if Spanish, or French,
etc. is your primary language and perhaps you have very minimal
debt consolidation or even debt understanding? It would be very
easy for someone to take advantage of the fact that you might
not understand the debt consolidation process and therefore
offer you a loan that might not be as good as someone else’s who
might understand the loan better.
The government is starting to become aware of these kinds of
debt issues and has asked for a study to be taken on to
investigate the relationship of the non English speaking
consumer with the credit card and financial industry. They said
that they believe that they are being impacted in a way that we
can’t even understand right now, and so they need to find out
how they might start assisting those people who may have ended
up on the wrong side of a debt consolidation loan or credit
card.
There are also some that say that they may be getting shut out
altogether. If you have the inability to understand the English
language, you might not be able to apply for a debt
consolidation because you don’t know what it is, or if it is
even available. These are questions that the study is going to
address to see what steps need to be made to make the financial
industry more accessible.
SIGN UP
