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Some communities have different debt management needs

A recently published article looks at the financial challenges facing low-income households, especially those of African Americans. According to the author, systemic discrimination has created significant disparities in regard to debt and wealth. For many in Connecticut, debt management is an urgent need. 

Lower-income households often carry relatively high debt. Very often, debt arises as the result of a financial emergency. Because many people do not have an emergency fund, they may have to borrow to address an unexpected car repair or a short-term illness. Fluctuating income and unsteady employment can make it nearly impossible to climb out from under a heavy debt burden. 

African-Americans with low-income levels should create a strategy for getting out of debt. That begins with a thorough assessment of existing debt and a commitment to making the changes needed to pay those balances down. Some people prefer to use a consolidation credit card, while others prefer a more conservative repayment approach. When considering repayment options, it's important to avoid risky financial products like payday loans or high interest loans.

For some Connecticut families, no degree of effort is sufficient to overcome high levels of debt. After several attempts, it sometimes becomes clear that repayment is simply not a possibility. In such cases, the best debt management strategy may be to seek personal bankruptcy protection. That can lead to the elimination of many types of unsecured debt and the chance to start over with a clean financial slate. That is true for people of all races and from all walks of life. 

Source:, "Smart money moves for black Americans in financial distress", Sean Pyles, Feb. 1, 2018

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