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It seems that were it not for bad news there would be almost no news in Black America these days. Black folk, in case you hadn’t heard, are in the midst of yet another crisis. This time it’s a debt crisis, particularly in short-term revolving debt (primarily credit cards, but also payday loans, car title loans, etc.). Though Black families are less likely to have credit cards than White families those who do are much more likely to carry a monthly balance. According to data compiled by Demos from the most recent Survey of Consumer Finances (2001) just over half of White credit card holding families carry a monthly balance (averaging $4,381) while 84% of Black families carry monthly balances (averaging $2,950). Even though Black families carry smaller monthly balances a higher percentage of their financial worth goes into servicing debt. (See facts compiled by United for a Fair Economy.) In addition, credit card balances alone do not fully reflect the total cost of debt paid by Black and Brown families, who are most likely to resort to the sub-prime underworld of pawn shops, check cashing joints, and car title lenders charging loan shark interest rates. But wait, it gets worse. The bankruptcy bill, which may have been signed, sealed and delivered by the time you read this, practically slams shut the one door available to consumers who are eventually overwhelmed by debt – personal bankruptcy. Though personal bankruptcies are often gut-wrenching economic and emotional affairs they do represent a way out of insurmountable debt. [more]