Problem With Credit: African American Debt Is Increasing Faster Than Income

[Kenn Rashad]

Problem With Credit: African American Debt Is Increasing Faster Than Income


As a nation standing on credit card debt, American minorities are no exception. When minority families have to spend a larger percentage of income on credit card debt, they can develop huge credit card problems while their lenders prosper.

A survey of consumer finance was done by the Federal Reserve to assess wealth distribution in the U.S. from 2002-2004. Minority families were found to add on debt at a rate that substantially exceeds their increase in income, thus decreasing the overall wealth-building potential of every dollar earned. Minority families also ran up debts double that of their white counterparts. Not that white households lacked credit problems, with a debt load higher in dollar terms than minority families, but their percentage debt increases didn't exceed their average income growth level.

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[Warndalyn]

Interesting read...:lecture:

 

[pv_symbiotic]

The price of trying to ball.

 

[ALPHA3]

I would like to caution people about these so called Credit Doctors. While working with the Levy-Rosenblum Institute in the Tulane University Business School, I was assigned a project to work with low income folks with credit issues. This one guy told me a so called credit doctor charged him several hundred dollars to repair his credit. Folks this process can be done on your own as per the guidelines of The Fair Consumer Reporting Act. All forms and documents can be obtained off the internet. All you need is your current credit report, stamps, envelopes, and patience to wait your 30 days.

 

[delock]

I would like to caution people about these so called Credit Doctors. While working with the Levy-Rosenblum Institute in the Tulane University Business School, I was assigned a project to work with low income folks with credit issues. This one guy told me a so called credit doctor charged him several hundred dollars to repair his credit. Folks this process can be done on your own as per the guidelines of The Fair Consumer Reporting Act. All forms and documents can be obtained off the internet. All you need is your current credit report, stamps, envelopes, and patience to wait your 30 days.

So true....if only we took the time to read instead of ball

 

[ALPHA3]

So true....if only we took the time to read instead of ball

If people would take the time and just read that small print on those credit applications. That mess is designed to put you in debt you up. They see that minimum required payment and dont realize most of that $20 is going towards the interest.

 

[delock]

If people would take the time and just read that small print on those credit applications. That mess is designed to put you in debt you up. They see that minimum required payment and dont realize most of that $20 is going towards the interest.

yeah....i made a post somewhere on here about double payments.

1st payment make more then the balance due and 15 days later make a second payment.

Consolidate your credit card is something else......

A person only need so many cards..............

 

[ALPHA3]

yeah....i made a post somewhere on here about double payments.

1st payment make more then the balance due and 15 days later make a second payment.

Consolidate your credit card is something else......

A person only need so many cards..............

So true on the number of credit cards! You only need maybe one or two for emergency purposes.

If anyone needs help repairing their credit, I volunteer my services and advice. Please don't pay some fool for something you can do!

 

[delock]

So true on the number of credit cards! You only need maybe one or two for emergency purposes.

If anyone needs help repairing their credit, I volunteer my services and advice. Please don't pay some fool for something you can do!

good move on helping out....

Now if I could only find NEO to hack into...............

 

[LoyalTigress]

Very interesting article. It seems like the more money we make, the more we spend though.
A~3;as far as a "Credit Doctor", funny you mentioned that because a lady was in the hair salon tonight talking about her nephew could help people improve their credit by paying him $500.

 

[ALPHA3]

Very interesting article. It seems like the more money we make, the more we spend though.
A~3;as far as a "Credit Doctor", funny you mentioned that because a lady was in the hair salon tonight talking about her nephew could help people improve their credit by paying him $500.

They are everywhere with that mess. I bet a few of those people in there didn't know it can be done on their own.

 

[Jax]

Very interesting article. It seems like the more money we make, the more we spend though.
A~3;as far as a "Credit Doctor", funny you mentioned that because a lady was in the hair salon tonight talking about her nephew could help people improve their credit by paying him $500.

RIGHT! I'm paying you $500 to tell me to pay this...pay that. That's a rip off! That's what one friend of mine does and he's making $$ dang near hand over fist or should I say, enough for him to pay the note on his 350Z.

On a side note... If we did more financial empowerment/credit seminars on campus and educate kids today while they are just getting some type of financial independence, they'd be better off. I used to work with 2 ladies who just made 30 and filed bankruptcy back in 98. They were 23 and 24 at the time! Just the other day I heard some youngsters talking about a comedian making jokes about bad credit. I told them...aint nuthin funny about bad credit.

 

[Shamocha]

I would like to caution people about these so called Credit Doctors. While working with the Levy-Rosenblum Institute in the Tulane University Business School, I was assigned a project to work with low income folks with credit issues. This one guy told me a so called credit doctor charged him several hundred dollars to repair his credit. Folks this process can be done on your own as per the guidelines of The Fair Consumer Reporting Act. All forms and documents can be obtained off the internet. All you need is your current credit report, stamps, envelopes, and patience to wait your 30 days.

I worked for a telemarketing agency for 3 days that sold a kit like that. Once I looked over the kit and read the script I decided I needed to quit. THe guy asked me why and I told him that they were ripping folks off who were already in a bad situation. I told him they could get all that info for free and they were charging $199. He said they were charging for the "convenience".

 

[msp1911]

RIGHT! I'm paying you $500 to tell me to pay this...pay that. That's a rip off! That's what one friend of mine does and he's making $$ dang near hand over fist or should I say, enough for him to pay the note on his 350Z.

On a side note... If we did more financial empowerment/credit seminars on campus and educate kids today while they are just getting some type of financial independence, they'd be better off. I used to work with 2 ladies who just made 30 and filed bankruptcy back in 98. They were 23 and 24 at the time! Just the other day I heard some youngsters talking about a comedian making jokes about bad credit. I told them...aint nuthin funny about bad credit.

Teach them in high school. Many kids have jobs in high school and need to learn how to handle money then. Teach the parents too. Our whole community needs financial education.

 

[ALPHA3]

I worked for a telemarketing agency for 3 days that sold a kit like that. Once I looked over the kit and read the script I decided I needed to quit. THe guy asked me why and I told him that they were ripping folks off who were already in a bad situation. I told him they could get all that info for free and they were charging $199. He said they were charging for the "convenience".

:nod:
Yep everything is on the net at your convenience.

 

[Jax]

Teach them in high school. Many kids have jobs in high school and need to learn how to handle money then. Teach the parents too. Our whole community needs financial education.

Right...I'm teaching mines right now and teaching them about paying bills on time, balancing check book and after college, keep your credit clean to land a nice job.

 

[yvette23]

This one guy told me a so called credit doctor charged him several hundred dollars to repair his credit. Folks this process can be done on your own as per the guidelines of The Fair Consumer Reporting Act. All forms and documents can be obtained off the internet. All you need is your current credit report, stamps, envelopes, and patience to wait your 30 days.

Now dat's da truth!! :nod: I got like 10 items deleted from my credit file because of that. :jump:

 

[MsJag4Jag]

:nod:
Yep everything is on the net at your convenience.

It surely is! I looked at my entire Experian report and score FREE of charge yesterday due to an arrangement by my old company! I have like 3-4 years of monitoring at no charge.