Black Consumers and Financial Services - US - July 2013
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“Given the relatively high rate of unemployment and the impact of the housing crisis, many Black consumers have less-than-perfect credit scores and significantly lower net worth than their White counterparts. According to an article in CNNMoney, White Americans have 22 times more wealth than Black consumers – a gap that nearly doubled during the Great Recession. The median net worth for Whites was $110,729 in 2010, versus $4,995 for Blacks, which has major implications for Black consumers’ ability to build wealth.”
– Tonya Roberts, Multicultural Analyst
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