Debt by Race
The percentage of cardholders with credit card debt in 2001 was 51% among whites, 84% among blacks and 75% among Hispanics.
This study, first in a series examining the relationship between credit card debt and economic security, explores how families are increasingly using credit cards to meet their basic needs. The study looks at factors that drive this record-setting debt and the impact of deregulation on the cost, availability and marketing of credit cards.
Increasing credit card debt to meet basic needs – especially among low- and moderate-income families – is a troubling indicator of economic disparity in America. As unemployment continues to rise and communities cope with budget deficits, by cutting funding for essential services, we can expect more families to rely on this draining, short-sighted form of credit.