Black people/the poor are taken advantage of by the system so much, sometimes I get tired of it. From overdraft fees, to late payment fees, to excess premiums on life, car, and property insurance, it takes a toll to be black and poor in this country. The system is built on the back of the less fortunate.
I try my best to educate as much as possible, to make sure you all are financially literate, but the system is always one step ahead. A lot of you who have no choice but to use your credit cards, are probably paying an exuberant amount in interest that you have no idea can keep you in debt for the rest of your life. Those credit card debt can also prevent you from ever becoming a homeowner. Please make sure you call your bank to have them remove additional interests from your credit cards after you have paid them off. This is a common practice where the banks charge extra ineterest that they should not legally charge to your card. However, if you don’t call them to have it removed, you’re just fattening the pockets of the bankers.
Not too long ago I wrote a post to teach you all how to avoid paying interest on your credit cards, while maintaining your good credit. I hope my advice is being put to good use. These banks make billions of dollars every year off interest, because they understand that most poor people lack the necessary financial discipline to function in a society that makes sure a carrot is dangling in front of them every year. In addition, poor people don’t have the expandable income to afford some of the basic luxuries they would like to have. Credit cards are used as an alternative form of payment, when extra money can’t be gotten. They are also the cause behind so many people’s credit being ruined in the black community. You may think I’m exaggerating, but it actually benefits the banks and other businesses when you have poor credit. There’s always going to be new phone that is released every year, but you don’t really need it. However, because you are poor and your self-esteem is attached to shit you can’t afford, you make every effort to upgrade your phone for no goddamn reason. I don’t get a new phone unless mine is completely nonfunctional, so a phone lasts me at least 5 years. Apple is now worth 1 trillion dollars, thanks to all those poor people who continue to waste their money buying the latest gadgets from Apple. Is Apple giving scholarships to your kids to go to college? We are building up these companies, and they give us nothing back in return. We need to stop. Apple doesn’t even have a program to increase diversity that includes black people in their company.
Poor credit certainly equals to higher interest rates to the consumer, and more money to the lenders. These piranhas are more than happy to enforce their predatory lending laws in the black community. Rent-A-Center seems to be everyone’s favorite, where black people get to pay four times the price for any item they want over their lifetime. Big screen televisions are hot sellers, and by the time they get done paying it off, there’s a new model on the market. The cyclical needs and want for poor people is different than the needs of rich people. A lot of rich people don’t waste money on the latest electronic gadgets, but poor people certainly feel the need to. Layaway plans and other forms of available financing make the poor believe what they want is attainable. However, what the banks are doing is keeping you poor and indebted to them indefinitely. The best way for the system to keep you captive, is to make sure you are indebted to them. Once you are in debt, there’s no more freedom. You can’t quit your job. You can’t take days off at work. You can’t call out sick. Everyone controls you when you are in debt. We have to make sure we do a better job to educate our children, so they don’t repeat the mistakes of the parents.
Unfortunately, it may be a little too late for many black children, as some of their parents have already ruined their credit the minute a social security number was issued to them. Utility bills arrive with their names attached as newborns. Cable, telephone and other unnecessary bullshit that their parents can’t afford to get on their own, are passed on to them, setting the children in a financial hole from birth. Some black parents are unconscionable, and they don’t deserve to be parents. You are supposed to provide for your children and protect them until they become adults. Unfortunately, too many black parents see their children as a come-up. Whether they are using the child support laws, which sometimes allow them to deprive the child access to his father, or using the child’s social security number for their own benefit to access material bullshit, we are doing a disservice to our children. They should not be paying the price for our lack of discipline. The revolving doors of poverty is a cycle that we must consciously make the decision to end. White people don’t look out for you, they look out for their white system that subjugates you. When you are receiving public assistance, and you are forced to reveal the name of your child’s father, the system wants to make sure the father repays every dime they ever assisted you with first. They don’t care about your child like you think they do. Otherwise, these judges and district attorneys wouldn’t let these murderers walk every time a black child is murdered by them.
White folks don’t care that a minor had no say in his/her credit getting ruined by a parent. No child wants to send his/her parents to prison for credit fraud. It’s a catch 22, but the losers are always the children. We have to do better!