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By Brynn Grimley - Scripps Howard Foundation WireThe gap between African-American household wealth and the rest of the population has shrunk in the last 10 years, but experts are worried black families aren't planning for the future.

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Debt Consolidation Mortgage November 5, 2003 (SHFW) Washington - The gap between African-American household wealth and that of the rest of the population has shrunk in the last 10 years, but experts are worried black families still aren't planning far enough into the future.

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Government Student Loan At a press conference Wednesday, representatives of the Consumer Federation of America, BET.com and the Fannie Mae Foundation talked about the numbers, drawn from the Federal Reserve Survey of Consumer Finances data.In 1989, the average African-American household net wealth was $6,000. By 2001, net wealth increased 221 percent to $19,000.

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Debt Consolidation Loan Online "We expected a little increase," said Stephen Brobeck, CFA executive director. "But instead we saw an increase of more than 200 percent of the median household wealth."By comparison, the net wealth of the typical U.S. household rose from $65,000 to $86,000, a 33 percent increase.

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Personal Debt Consolidation Net wealth includes all financial assets, including homes, minus debts, including mortgages. Homeownership among blacks rose from 42 percent in 1990 to 48 percent in 2003, still behind the overall U.S. homeownership rate of 68 percent in 2003.

Debt Consolidation Home Loan Brobeck said more black families planned better in the 1990s, thinking farther ahead than the next several months. Nonetheless, he said, there are still concerns."We still have to remember the black-white household wealth gap, although it's decreasing, is still there," said Brobeck.

Debt Consolidation Loan For The groups mentioned Prince George's County, Md., a Washington suburb, as a majority-black community that is relatively wealthy.

Debt Consolidation Secured In 2000, the U.S. Census found median household income there was $55,256, compared to $41,994 for the country. In addition, almost 21 percent of families had incomes over $100,000 annually, compared to just over 15 percent nationally.

Consolidation Loan Uk Evan Jones, a Prince George's County resident, said his family was one of the first in the now 60 percent black-majority county.

Debt Consolidation Loan Uk "Where I grew up, in Cheverly, they said there were seven black families when my parents moved in in the '70s," said Jones, 29. "But my mom went door to door and couldn't find any."

Credit Card Debt Consolidation Jones, a business analyst for an educational insurance company, said in his years growing up in Prince George's he saw an increase in African-American owned homes. Jones, who is single and living with his mother, who is ill, said his family is middle class.

Debt Consolidation Home Equity He said people who moved into the area had to be stable to afford to live there, but he said he has noticed an increase over the years in lower-income housing."I think people now do what they can for the time," said Jones about why he thinks people aren't planning financially. "A lot of times if that calls for buying luxury items with what they can afford with their paychecks, then they do that."

Government Debt Consolidation BET.com and CFA said the Federal Reserve data supported the idea that the African-American community was doing a better job of financial planning.

Best Consolidation Loan They found that in the early 1990s most African-American families were planning only for the "next several months."

Personal Consolidation Loan Since then, that number has decreased from 44 percent to 27 percent, and the number of families planning for the next five years has increased from 22 percent to 30 percent.

Christian Debt Consolidation By 2001, just over 40 percent of both black and white families were regularly saving money.

Best Debt Consolidation Loan Retha Hill, BET's vice-president of content development, said the company's cable television programming and Web site have addressed financial planning in the African-American community.

Direct Student Loan "BET is in a unique situation for giving this information out because it is in so many African-American households," said Hill. "We are adding new content that hammers home owning one's home, and we are focusing on savings and budgets and purchases to save money - like buying a home."

Business Debt Consolidation Vada Hill, a senior vice president at Fannie Mae, a financial backer of home mortgages, agreed that buying a home was the best way for families to build wealth and generate an inheritance for their children.Jones said families sometimes don

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