Black People : DEBT COLLECTORS ARE MORE LIKELY TO GO AFTER BLACK PEOPLE

Discussion in 'Black People Open Forum' started by Kemetstry, Dec 18, 2013.

  1. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    Debt Collectors Are More Likely To Go After Black People
    The Huffington Post | By Emily Cohn Posted: 12/17/2013 12:14 pm EST | Updated: 12/17/2013 2:35 pm EST

    Racism, Debt Collection, Debt Collection Racist, Debt Collector, Debt Collectors, Debt Collectors Racist, Post-Racial Society, Racism Debts, Racist Debt Calls, Racist Debt Collectors, Black Voices News

    A new survey finds that African-Americans are much more likely than whites to be called by debt collectors, despite both groups reporting relatively equal levels of debt and repayment rates.
    Just take a look at this chart:
    [​IMG]
    Think tank Demos and the NAACP Economic Department collaborated to survey moderate-income American households with some credit card debt for the study. Black Americans weren't any more likely than whites to be late on a payment, the survey found, and they were also no more likely than whites to declare bankruptcy or get evicted.
    So what gives? It's not clear exactly why debt collectors seem to be going after one race more than the other, but the study's findings could be the result of one unfortunate reality: Black Americans tend to have lower credit scores than white Americans, research has shown. And that gap got wider as a result of the financial crisis -- subprime lenders were more likely to target African-Americans during the housing boom. Those loans, with higher interest rates, were more likely to default. The result: credit scores that could be marred "decades," as the Washington Post pointed out in 2012.
    "African-American households are more likely to have been called by bill collectors because they are more likely to have blemishes on their credit history that would send debts to collection agencies," Catherine Ruetschlin, an author of the Demos report, wrote in an email to The Huffington Post.
    The economic recovery hasn't been kind to African-Americans: The unemployment rate for blacks (12.5 percent) is more than double that of whites (6.2 percent), according to the most recent jobs report. In fact, the jobless rate for blacks now is much higher than the overall unemployment rate in October 2009 (10 percent), the highest it got in the aftermath of the recession.
    "Those disadvantages mean that African-Americans are more likely to face financial insecurity and have poor credit scores as a result," Ruetschlin wrote.
    Blacks also have a harder time than whites getting a home loan. They earn less than their white peers. They're much more likely to live in poverty and less likely to have health insurance.
    Mark Schiffman, a spokesperson for ACA International, a trade association of third-party debt collectors, defended his industry as "color-blind." "They [the third-party agencies] don't get into the ethnic informatio
    n," he told HuffPost. "Their job is to collect the debt, not give out the credit."





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  2. Fine1952

    Fine1952 Happy Winter Solstice MEMBER

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    Hi There Kemestry!

    IMHO, Black people will 4eva more be apt to attract debt collectors rather than the other way around b/c of their own lack of economic prowess!

    Sadly, any European holiday proves this point.

    Example: Xmas is again about to make its false assault, and I'd be willing to bet that 98% of black households have their last dime invested in a holiday that is a total mockery to their very existence!

    1Love, Fine
    :hearts1:
     
  3. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    Just goes to show you, that paying your bills on time is a very smart move





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  4. Fine1952

    Fine1952 Happy Winter Solstice MEMBER

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    Agreed!
     
  5. Khasm13

    Khasm13 STAFF STAFF

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    i don't live my life to pay my bills on time....they get paid when they get paid....
    and if i don't recognize the number talk to the voice mail....
    people are so wraped up in these western ideologies it's no wonder
    we have so many walking slaves nowadays....

    one love
    khasm
     
  6. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    Bad credit = bad economics for black people. We cant afford that in this economy





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  7. Khasm13

    Khasm13 STAFF STAFF

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    i dont want a house and i buy my cars with my savings...
    i operate in my own system...life is too short to be worrying about remembering to pay something on time...
    even with that said my score is over 700...

    one love
    khasm
     
  8. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    If your score is over 700, you pay your bills on time. :11900:










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  9. Khasm13

    Khasm13 STAFF STAFF

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    actually i don't...
    i just dont have any debt...recalculate ur equations....lol

    one love
    khasm
     
  10. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    :bs: Not paying your bills on time lowers your score. :SuN023:









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