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Posted By Sandy Smith On Sunday, January 12th, 2014 With 0 Comments

colorful money team

African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%).

With statistics showing that African Americans have fallen behind all other ethnic groups financially, the need for financial education became painfully clear to a group of friends who also happen to be  personal finance writers of color.

We’ve heard politicians wax poetic about the wealth gap and if it even exists.  The sad fact is that it does.

The average net worth of Blacks was $97,995 compared to $629,736 for whites

Frankly, we can not wait for politicians to change our financial future.  Just like your career, you are in change of your money.  The decisions that you make about your finances now can impact the rest of your life.

Paying down debt remains the No. 1 financial priority for African Americans

Colorful Money is an collaborate online magazine dedicated to you! Our goal is to educate you about personal finance and how your decisions can affect your money.  Check out the contributors who all run websites of their own.  

Also feel free to drop us a line below.  We’re happy to answer any questions that you have.

 

 

 Data Source: Prudential’s 2013-2014 African American Financial Experience study

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African Americans are significantly more likely to have some type of debt (94%) compared with the general population (82%). Credit card debt, student loan debt, and personal loans are all significantly higher in the African American community.

Source: Prudential’s 2013 "African American Financial Experience" study