How could the spending/Consuming problem be addressed in the African American Community

Change doesn't doesnt happen overnite, but taking little steps such as having disciplined principles about spending can help anormously.

6 Steps that could help address African American spending:

1)Finacial Advisement- ING Banking, a financial institution that offers financial services to clients of all classes worldwide, offers tips on how blacks can get out of debt.

2)Resisting impulse purchases. As much as 40 percent of black women surveyed said they shop to cheer themselves up. Financial experts suggest "being more mindful and thinking twice before making a discretionary spend can make a big difference in one's wallet over time."

3) Use credit cards sparingly. Spending money you don't have in hand is never wise, regardless of economic conditions. So getting into the habit of only using credit cards for purchases you've carefully considered is key note of using credit cards

4)Saving for the Future- Using an automatic savings plan. Although financially supporting family members can make saving difficult, enrolling in an automated savings account is a seamless way to be sure you're socking something away. If one's employer offers a retirement savings plan, that's probably the best place to start.

5)Finacial Education and Awareness is a plus, African Americans need to invest more in books than CD's.

6)Join an investment club or class. Often, people are uncomfortable talking to finance professionals, but an investing club or class is a great way to break the ice. Check out investing clubs in your community that are compatible with your level of experience and investment knowledge.