Black people have, on average, a 50% higher “debt to asset ratio” than white people. This means we tend to OWE more than we OWN! That’s NOT where you want to be – always paying off debt, never building wealth.
But these helpful programs can assist you in managing your debt – and eventually shrinking it!
Rental assistance programs, like Section 8 or Single Mothers Grants, help prevent evictions and provide low-income families with affordable and safe housing. If you need help with rent, look into programs in your state. But renters aren’t the only ones with options.
If you're a homeowner, the U.S. Government Housing Counseling Program can assist with mortgage payments or help prevent foreclosure. Don’t lose your house and your best option for building wealth!
Drowning in credit card, student loan, or personal debt? Ask for help! There are several debt management plans, consolidation programs, and credit counseling programs that can reduce loan interest rates, lower monthly payments, and help you create a budget you can live with.
As Black people, we’re disadvantaged when it comes to debt – so we should seek out any and every avenue of support we can. Only when we have our debt handled can we build wealth and achieve financial independence!