While U.S. Latinos tend to feel optimistic about their finances, a new report suggests many could benefit from education about how their credit works and how they can better reach financial benchmarks. Approximately 53 percent reported feeling that they might not know enough about credit and borrowing decisions.

The third "How America Buys and Borrows" survey indicated 60 percent of African American, Asian and U.S. Latino consumers are overwhelming optimistic about their future, expecting their financial situation to be "somewhat" or "much" better a year from now. The survey measured the behaviors and attitudes of non-white consumers and their ability managing credit and finances, surveying more than 1,000 individuals throughout June.

Diverse communities, where many are unbanked, frequently face countless financial challenges. Nonetheless, many in these communities believe credit can help them to achieve their financial goals if used responsibly. Among diverse communities, 51 percent of consumers report feeling proud of their credit score. However, 59 percent of Asians are proud of their credit score, while just 34 percent of African Americans and 48 percent of U.S. Latinos say the same.

The data shows that while diverse consumers are optimistic, they have lower financial confidence. More than half of Latinos surveyed indicated they weren't confident about their credit score. Approximately 51 percent of Asians, 53 percent of Hispanics and 46 percent of African Americans reported they may not know enough about making strong borrowing decisions, compared to 58 percent of the non-Latino white population.

The 10 tips shared in the report include: monitor credit regularly, know credit limits, understand good scores equal good rates, pay bill on time, know debt-to-income ratio, pay down highest interest first, live within your means, pay more than the minimum, set up accounts and autopay alerts, and start with a college or secured credit card.