Reading my last post about credit cards, something dawned on me: I just don’t understand why black people started in this cycle of bad credit, of bad financial decisions period. We have the same resources as everyone else.
But Wait. As soon as I said that I thought: We’ve actually never had the same resources and opportunities as everyone else and in some areas we still don’t.
Although it bothers me when my people blame “the white man” for every little thing that goes wrong in our community, what limited us from the start can be blamed on our oppressors.
Now, I came across this article done a couple of years ago by Charles D. Ellison on theroot.com, entitled, “How Employer Credit Checks Are Keeping Black People Unemployed.” There were some interesting statistics regarding black people and our relationship with credit and some great info on the policy that was passed permitting credit checks as a criteria in the hiring process and how that is keeping us unemployed. But what really struck me was a quote in the article.
“The most insidious and alarming part of the rise in credit-check use stems from its ostensibly race-neutral façade,” New America Foundation’s Hannah Emple explains. “People of color are more likely to have poor credit because of historical and contemporary forms of discrimination that limit educational, employment, borrowing and housing opportunities.”
That last part of the quote gave me the simplest yet most truthful answer to my question about why we are where we are right now. Simply put, we were put in a position to lose, but when we were finally able to break those chains holding us back and get into the circle with everyone else, we were so far behind and now we’re playing catch up.
Now with this conversation I don’t mind standing with my people in saying that the oppressors got us for hundreds of years. But in the same breath we’ve got to acknowledge the opportunities and resources that have risen for us because of that oppression.
I’m so dedicated to helping us get ahead in financial endeavors and hope that this blog catches on as a go-to financial resource. My generation is up next in leadership of this country and we need to break this cycle of financial illiteracy to ensure a successful future for our kids.
Check out the article in full, I’ll paste the link below. Explore the page they’ve got there and some of the other links. I’ll be putting together a page on this blog with my favorite financial tools and resources soon! Stay tuned for more audio and visual posts as well!
Happy Money Motivation Monday!