New report reveals that credit card debt is worse for African Americans
You can find them everywhere. On college campuses. In the mail. Creditors are practically handing out credit cards to anyone with a social security number, and while the piece of plastic seems like a quick way to make purchases and pay off bills, they do more harm than good. Especially for African Americans.
A study co-authored by Demos and the NAACP reveals that African Americans are hit the hardest by credit card debt.
In the newly released study, “The Challenge of Credit Card Debt for the African American Middle Class”, co-authored by Demos and the NAACP, new data shows under difficult economic conditions many African American families rely on credit cards to make ends meet or invest in their future.
By telling the financial stories of African Americans, the report examines reasons why blacks turn to credit cards and the repercussions for their household finances.
African Americans are more likely that other groups to pay high interest rates. Blacks also suffer more negative consequences of debt than any other group.
You can read the full report, “The Challenge of Credit Card Debt for the African American Middle Class here.
How can we better financially prepare African American youth and families so they avoid/limit debt?
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