10 Years Ago She Had $100,000 In Debt; Today She's Debt-free

Despite making a six-figure salary, Lynette Khalfani-Cox racked up $100,000 in credit card debt 10 years ago. She used plastic to pay for everything, from trips to clothes to dinners, even using cash advance checks to pay for her children's private school tuition and to buy land.

When she finally tallied up all her debt and saw she'd crossed the $100,000 mark, she decided to make a change. She paid it all off in three years -- a time in which she was laid off and got divorced.

Yahoo.com:  QA with Lynnette Khalfani-Cox

Blacks Trail Significantly In Financial Literacy Compared To All Americans

Please take a few moments to watch this story by my good friend Stephanie Elam.  In this CNN report, Stephanie discusses what is oftentimes a taboo subject within black families and households: money!

One alarming stat from this story is that the median net worth of black Americans is only $28,000 compared to $140,000 for all Americans.





Now that you have a better understanding of the situation, you might be wondering what you can do personally to reverse this trend. You could start by reading this article from Black Enterprise magazine. Being financially responsible is truly a lifestyle decision.