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View Diary: New Study Finds Median Wealth of Black Women Is $5 (176 comments)

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  •  Debt is a huge factor (per the study). (7+ / 0-)

    Women of color are also more likely to get screwed on sketchy loans, higher interest rates on credit, etc.

    Why is this on the front page?

    by Kaili Joy Gray on Fri Mar 12, 2010 at 06:10:05 PM PST

    [ Parent ]

    •  Many poor women of color do not have (7+ / 0-)

      bank accounts. Those who work use check cashing places - where they are charged a fee, then pay each bill they have with money orders - which they also have to pay high fees for.  

      I took several young women I worked with and walked them through the process of opening bank accounts, at a credit union which had no-fee checking, and showed them how to write checks.

      Then I held budgeting sessions.  

      No sooner than they had opened bank accounts - they began receiving offers for  high interest rate credit cards from Discover, Master Charge and VISA.  

      "If you're in a coalition and you're comfortable, you know it's not a broad enough coalition" Bernice Johnson Reagon

      by Denise Oliver Velez on Fri Mar 12, 2010 at 06:41:58 PM PST

      [ Parent ]

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