African Americans Experience Highest Levels of Credit Card Debt
and Student Debt, According to New Report The wealth gap that
already exists between racial groups appears to have opened even
wider with the Great Recession. A recent study by Prudential on
the African American Financial Experience shows that the typical
African American family has more debt and fewer savings than the
general population. According to the report, 94 percent of
African Americans report having debt, compared with 82 percent
of the general population. The median black household had
$18,000 in non-mortgage debt - in other words, credit card debt,
student debt and personal loans. That's twice as much as the
general public. While credit card debt is currently the biggest
source of debt, school loans are quickly catching up. The
Prudential report indicated that college-educated African
American consumers were twice as likely as their white peers to
be burdened with education debt. These results coincide with a
U.S. News & World Report r