More Black Women Going Bankrupt: What Can They Do?

NATIONWIDE – 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:
888-235-7939
www.womendebt.org

Debt Divas (for women in UK)
(+44) 0800-043-7207
www.debtdivas.co.uk

_____

By www.WomenDebt.org
Special to BlackNews.com