African-Americans bear a disproportionate amount of consumer debt in our nation’s economy. The wealth gap between African-Americans and average Americans continues to widen. One way to close that gap is through higher education.
The pursuit of graduate education increases the likelihood of even greater earning potential; however, more student loan debt can be a barrier to African-American students’ pursuit of graduate enrollment and completion and adversely impact their financial futures.
In a recent presentation to attendees of the American Association of Blacks in Higher Education’s (AABHE) Annual Conference, husband and wife finance gurus Bradley and Bonita Vinson exhorted that financial empowerment is the key to financial success. As the proprietors of Vinson Financial Consulting Services and creators of Your Personal Economy Financial Empowerment Seminars, Bradley and Bonita shared the fallacy of credit, the harmful effects of debt, how to get out of debt, and offered debt-free options to pursue when seeking advanced degrees.
Not only is living debt-free the bottom line of the Vinson’s lecture, it is also the premise. Before the Vinson team offered the debt-free approach to obtaining higher education, they felt it very important to share where African-Americans stand financially as a community and “how we got in here” in the first place.
Research studies reveal startling statistics and information about African-Americans’ economy. Taken from the Vinson’s presentation, let’s look at the statistics:
The Financial Status of African-Americans:
