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As more African-Americans work on bills, debt consolidation may provide method for doing so
By Sam Craine on Mar 31st, 2010
Regardless of their race, many consumers have found they are trying to focus on paying off debt.
A recent survey from Nationwide Insurance and the Smiley Group showed that more African-American respondents concentrate their energies toward handling their incomes and debt. For example, 49 percent of African-Americans surveyed said they tried to pay off credit card debt in the past year, compared to the 41 percent who said so in a previous survey.
Budgeting has also become more important, as 37 percent of African-Americans polled said they created a budget. That's up from 31 percent the year before.
However, some respondents also said they are having trouble figuring out where to start when it comes to dealing with their money. Roughly one-quarter of African-Americans surveyed said they weren't sure where to start when it comes to financial planning.
One option these people may consider is consumer credit counseling. Along with analyzing finances and setting up a budget, a counseling service may be able to help pay off credit card bills through debt consolidation, which can reduce the number of bills consumers have to pay.
Doing so may make it more manageable for people to pay down their debt.
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