The past year has fractured our world in countless ways. Now, as people look to pick up the pieces, those managing debt need to account for their position in our uneven economic recovery.
In this so-called K-shaped recovery, one part of the population is rebounding quickly while another has a longer, slower path. For example, in January the unemployment rate for whites was 5.7%, compared to 8.6% for Hispanics and 9.2% for Black workers and 6.6% for Asians, according to the Bureau of Labor Statistics.
Those who remain unemployed or underemployed might continue to rely on debt to get by. Meanwhile, those whose finances have held steady or improved may be primed to wipe out debt.
MANAGING DEBT IN THE BOTTOM HALF
Some consumers have had no …
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