This was the take home message of my latest NPR Commentary. The caption focuses largely on black America’s debt. And our debt is growing. But what folks really need to get with is the fact that this is an American condition. Black people are always talking about how we spend money on frivolous stuff like Cadillacs and Air Jordans instead of stocks and bonds (preferably black stocks and bonds). Well…check that. Black people don’t talk about it, black pundits (like Tavis) do. That’s not the reality though.
American debt increases 33%
by admin | Jun 30, 2006 | Black Family, Cash Rules Everything Around Me, Neoliberalism, NPR, The Mass Media, Urban Politics | 3 comments
Just yesterday I threw away another of those traps. The credit card company offers 300 of credit at 19% with an annual membership of 50 and an initial processing fee of 110. So for 160 you get 140 worth of credit. Astounding.
Absolutely INSANE. But somebody’s buying…
Debt is a fact of life. Education costs, mortgages, automobiles are each unavoidable in most places in America.
Yes, we are continuously reminded of our consumer muscle but we do not talk about debt management. In other words, we like to compete in the track and field event of buying but we do not care to practice the running of debt.
In Houston, foreclosures on homes of “first-time” buyers are at a record high. Because “owning” (read: buying) a home is one of the safer investments, people have been herded into debt without studying the costs of ownership.
Excited homebuyers are now turned into overburdened renters possibly for the rest of their lives.