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The Burden of Debt on Black America

Quoted: Low-income families generally do “very, very well given the very meager resources and high expenses they have,” said Michael Collins, the faculty director of the Center for Financial Security at the University of Wisconsin-Madison. “But there comes a point in time when there’s just nothing there. There’s no more income, there’s no more savings, and the options are pretty limited, because you don’t have the social network, you don’t have the legal and other resources available to you to find a solution.”