More Black Women Going Bankrupt: What Can They Do?
Nationwide (August 11, 2012) -- Research has long shown that there is a huge financial gap between whites and Blacks in America. Earlier this year, the Ariel Education Initiative revealed that African Americans are eroding their retirement savings at a much higher rate that other demographics.
The report showed that many African-Americans are withdrawing money for unexpected emergencies, and that 50% of African Americans carried a loan balance into 2011 compared to 22% of Asians and 26% of whites.
But the financial situation seems to be getting worse, especially when it comes to African American women.
Earlier this year the Insight Center for Community Economic Development published a study which found that the median wealth of single black women is $100 compared to that of single white women at $41,000.
Another ING survey, which polled 1,000 Black and 454 "non-Black" women about their spending habits, found that more than half of the Black respondents lent $500 or more to a friend or family member within the last year; one-third said they loaned more than $1,000.
Other research shows that more and more Black women are filing bankrupcty, and defaulting on student loans - which has an overall default rate of about 15% now for for-profit colleges, according to the U.S. Dept of Education.
Despite such negative statistics, there are helpful options available for women who are in debt.
Here are the top programs:
The Helping Women In Debt Program:
Debt Divas (for women in UK)
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