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<P>I use longitudinal data from the nationally representative Panel Study of Income Dynamics (PSID) to analyze the personal financial management of Black and White families in the U.S., covering 1984 through 2003. First, the greater reluctance of Black families to hold checking and savings accounts (“transaction accounts”) than White families is only partially explained by regression models that consider a wide array of demographic variables. The greater reluctance impedes Black families from gaining the benefits of participating in financial markets: holding transaction accounts is positively associated with holding non-collateralized debt, for example. Second, the success of White families in managing credit is not found to exceed that of Black families. But Black families owe less credit card and other non-collateralized debt than the White families, implying either that Black families have a lower demand for such debt or that lenders are biased against them. Third, Black families are less likely to achieve wealth increases than White families, even after adjusting for differences in starting wealth, labor income and gifts and inheritances. This has implications for the continued wealth disparity between Black Americans and White Americans. Finally, differences in states’ bankruptcy, foreclosure and garnishment laws are found to affect families’ credit management success, the odds of holding a transaction account, and the amount of non-collateralized debt held by families.</P>
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