Hope Policy Institute
Snapshot: Debt in the Deep South Diane Standaert, Director, Hope Policy Institute Presented at Center on Budget and Policy Priorities, State Impact 2019, “ The Debt Trap Beyond Payday Lending ,” Dec. 5, 2019 Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee
See Partners for Rural Transformation, Transforming Persistent Poverty in America: How Community Development Financial Institutions Drive Economic Opportunity, Nov. 2019. Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee
Black and White Homeownership Rates in the Deep South, for 2007 and 2017, by State Alabama Arkansas Louisiana Mississippi Tennessee Black White Black White Black White Black White Black White 2007 53.7% 77.8% 45.6% 73.0% 50.5% 76.6% 59.1% 78.9% 49.4% 75.1% 2017 50.9% 75.7% 43.2% 70.7% 47.6% 74.3% 54.2% 76.4% 44.0% 71.2% Source: U.S. Census Bureau • In each of the five states, the homeownership gap between black and white households in 2017 exceeded 20 percentage points. • Of even more concern, the gap had widened in all five states between 2007 and 2017 See Hope Policy Institute blog, “ HOPE submits Fair Housing Comments ,” Oct. 18, 2019 Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee
Percent of People with a Debt in Collection, by State and by Community 60% 50% 40% 30% 20% 10% 0% Alabama Arkansas Louisiana Mississippi Tennessee United States Total White Communities Communities of Color Hope Policy Institute analysis of data from the Urban Institute, Debt in America, https://apps.urban.org/features/debt-interactive-map/ Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee
Non-mortgage debt balance per capita by type of debt: credit card, auto, student Arkansas Tennessee Mississippi 6,000 6,000 6,000 5,000 5,000 5,000 4,000 4,000 4,000 3,000 3,000 3,000 2,000 2,000 2,000 1,000 1,000 1,000 - - - Louisiana United States Alabama 6,000 6,000 6,000 5,000 5,000 5,000 4,000 4,000 4,000 3,000 3,000 3,000 2,000 2,000 2,000 1,000 1,000 1,000 - - - Hope Policy Institute analysis of data from the Federal Reserve Bank of New York, Household Debt Statistics by State, Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee 2004 – 2018, https://www.newyorkfed.org/microeconomics/databank.html Mortgage loan debt excludes HELOCs.
Percent of Auto Debt Balance 90+ Days Delinquent in the Deep South and US, 2003 - 2018 7 6 5 4 3 2 1 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 AL AR LA MS TN US Hope Policy Institute analysis of data from the Federal Reserve Bank of New York, Household Debt Statistics by State, 2004 – 2018, https://www.newyorkfed.org/microeconomics/databank.html Mortgage loan debt excludes HELOCs. Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee
Percent 90+ days delinquent by debt: mortgage, credit card, auto, student (inc. defaults) Mississippi Arkansas Tennessee 18 18 18 16 16 16 14 14 14 12 12 12 10 10 10 8 8 8 6 6 6 4 4 4 2 2 2 0 0 0 2003 2005 2007 2009 2011 2013 2015 2017 2003 2005 2007 2009 2011 2013 2015 2017 2003 2005 2007 2009 2011 2013 2015 2017 Alabama Louisiana 18 18 16 16 14 14 12 12 10 10 8 8 6 6 4 4 2 2 0 0 2003 2005 2007 2009 2011 2013 2015 2017 2003 2005 2007 2009 2011 2013 2015 2017 Hope Policy Institute analysis of data from the Federal Reserve Bank of New York, Household Debt Statistics by State, 2004 – Brighter Futures Begin with HOPE. Alabama Arkansas Louisiana Mississippi Tennessee 2018, https://www.newyorkfed.org/microeconomics/databank.html Mortgage loan debt excludes HELOCs.
For More Information: Diane Standaert Director, Hope Policy Institute Diane.Standaert@hope-ec.org 601-949-2818 http://hopepolicy.org Twitter: @HOPE_Policy Creating Opportunity Where It Is Needed Most Alabama Arkansas Louisiana Mississippi Tennessee
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