(NNPA)—It’s no secret that African Americans face unique challenges to their financial security that are unlike those of white households. An estimated 42 percent of African American households use credit for basic expenses, such as rent, groceries and utilities, according to The Challenge of Credit Card Debt for the African American Middle Class, (pdf), a report released last year by the NAACP. Moreover, 99 percent of Blacks, who started new businesses using credit, are struggling to pay off those expenses, compared to just 80 percent of Whites, the report says.
The good news is that it’s never too late to overhaul your financial situation. One of the first steps is changing your attitude toward money, according to Sabrina Lamb, founder and CEO of theWorldofMoney.org, an organization dedicated to the financial education of youth in the Tri-State New York area.
“There are three types of people,” she told NewsOne. “There are consumers, producers and investors. Most African Americans go through their lives in the consumer lane. But if you’re always in that lane, how will you grow your money or get it to work for you? You begin by changing your attitude toward money.”
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