For African Americans, Credit is Tough No Matter Their Credit Score

FORT WORTH, Texas–(BUSINESS WIRE)–For African Americans, even when they progress financially, they still
lack the economic security enjoyed by other demographic groups. A newly
released study from Elevate’s Center for the New Middle Class (CNMC)
found that even when African Americans had prime credit scores – or
scores of 700 or above – their financial wellness resembles the broader
non-prime community. For example, compared to the general non-prime
population, prime African Americans are:

  • 80% more likely to say that they live paycheck-to-paycheck
  • 2.5x more likely to overdraft on a bank account
  • 28% less likely to have $1,200 for a financial emergency
  • 50%…

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