Report: more than 55% of black households are ‘underbanked’ or ‘unbanked’

According to a report released by the Policy Economic Research Council, more than 55 percent of African-American households are either unbanked or underbanked.

Unbanked means that these U.S. households do not have a checking or savings account and must rely on check cashers or prepaid cards. Underbanked households have a bank account, but are still forced to use high-interest, sub-prime financial services to make ends meet.

During a Q&A with Yale News, Economic Sociologist Frederick F. Wherry expanded on what is known as “credit invisibles,” and how these concepts effect the economic state of blacks in the long run.

New report reveals that credit card debt is worse for African Americans

credit card

You can find them everywhere. On college campuses. In the mail. Creditors are practically handing out credit cards to anyone with a social security number, and while the piece of plastic seems like a quick way to make purchases and pay off bills, they do more harm than good. Especially for African Americans.

A study co-authored by Demos and the NAACP reveals that African Americans are hit the hardest by credit card debt.

Obama 2012: The Billion Dollar Man

httpv://www.youtube.com/watch?v=xaU_pE0fv-s

The first TV ads have been launched by the Obama campaign to generate support for the 2012 election. It is estimated that the cost of his re-election bid could be somewhere between $750 million and $1 billion dollars. That is a lot of money. Especially for a country that is in such a stressful economic situation. I’m sure the right-wing talk shows will be all over how Obama is using the much needed dollars of the American tax payer to support his TV ads and bus tours. I am also sure that they will not dare mention the budget of the military or get down to the real reason why this country is in such a financial crisis in the first place, the monetary policies of the Fed.