Black women were hit the hardest with income loss this year. Whether you lost a job or had to close down your business or downsize your clientele, collectively, the pandemic hit our pockets the hardest. According to U.S. News, Black women had a 6% drop in employment in 2020. That income loss affects how we manage our debt. Student loans, credit cards and medical bills are hard to pay when you are experiencing income loss. Its also hard to manage debt when there are no savings. Four in 10 Americans say they dont have adequate savings to cover an unexpected expense of just $400 or more, according to the Federal Reserves. With no savings, its challenging to manage the debt you were already trying to rid yourself of before losing a j…
Read the full article at: https://www.essence.com/news/money-career/debt-during-a-time-of-income-loss/
