Apple Watch, Black History Month, African-American history The Reason Why Blacks Have Bad Credit. Black History Month |The Credit Solutionist #nocredit #BHM
So if you happen to come across this video hit the bell again and hit the notification for all, we got ta fight the powers that be together now before we jump into this video. I want to give you a trigger warning. This video is absolutely gon na trigger you. Are you ready for this? Are you hanging on the edge of your seat? Let’S talk about it. Black people have the worst credit scores in the country. A lot of people would say that this has to do with um i’m, really, not too sure. After looking into some of the data, i did look up some data, which i’m going to share with you today i got ta say some of this seems like it’s. Our fault y’all, if you are triggered in any way by topics about the correlation between race and economic status. This is not the video for you today all right, but if you are ready to talk about why black people have the worst credit in the united states grab your coffee or your bone apple tea, we’re, going to jump right in what’s up guys, credit solutions here, Owner of px credit solutions where we help you secure your financial future today, i’m also, the author of the 90 day rapid repair ebook, which is a free ebook that you can download at our website www.fixmyficono.com. This is just a little freebie to say thank you and to get your credit repair journey started off right in this new year.
So download it tell a friend, alright, and many thanks go out to the homie tj south for blessing me with px credit solutions. Merch good looking out homie it’s, no secret that money and race are extremely taboo topics: they’re, like the perfect kerosene cocktail to add on to an already raging, dumpster fire, but we’re going in so let’s start off by talking about the average credit score for every nationality. In the united states we have asians coming in strong at first place with the 745 we have white folks non hispanic coming in at 734, average credit score uh we have other, which is anybody that doesn’t identify with the races that we’re talking about here, namely jewish People uh they’re, coming in at an average of 732, and we have the blacks coming in at an underwhelming. 677 average credit score 677 on an individual basis, isn’t that bad that’s like a fair to good credit score. But when you take into account that this is an average now, that means that there’s, probably people that are at like a 500 and below that are dragging down the national average credit score for the black community as a whole. The number one reason most people want to say: blacks have lower credit scores. Is the big r word? Okay, not going to say it because you know the google machine, but i beg to differ. I beg to differ because i have worked in the affordable housing industry.
Um, i am kind of a middleman between property management companies and hud. So i have a different perspective because i see a lot of the applicants that come into that system. So i am not going to say. The r word is the main cause here. Sometimes it has to do with the area that you live in um yeah. There are definitely different, uh credit opportunities based on your zip code uh. The problem is that the areas that tend to be predominantly black uh have lower income, so lower income already, you know, equates to lower credit scores. A lot of the paperwork i see comes from the midwest and it comes from southern states. I see the disparity in income between all kinds of races and they all have terrible credit, hence why they are looking for section 8 to begin with. Okay, now we’re talking about blacks so, like i said i’m going to stay on topic here, but generally speaking, areas that tend to have a high black population are low income areas. So there’s a couple of things that happen in low income areas that just they’re, just in tandem, you’re gon na find these things here. So in interest of sticking with the topic of the video, which is black people, i will say that this one thing in low income areas and really any area in general. This one thing is hindering us, and that is single parent households. Yes, i said it.
I know y’all gon na kill me, but listen. A single parent household is so financially strapped. Most of the time, even when it’s a you know, the person that leads the household has a high paying job. It still doesn’t matter because you’re way stronger having two incomes in the household okay. So, generally speaking, a single parent household uh, you know, has a head of the household that is not thinking about maintaining a good credit score. Usually, this person is always just trying to keep their head above water. They don’t realize that in having bad credit, they’re also, you know putting themselves deeper into the financial abyss, because, while you’re trying to keep your head above water, you may be making erratic decisions like going and renting at a place. You can’t afford um, you know and having a super high deposit, because you don’t understand the correlation between having good credit and getting low deposits. When you move into um apartments, you know you may also not understand the value of why you need to have a good credit score to go and get a car loan. You know, i see a lot of people a lot of black people, man that have these ridiculous uh contracts when they get auto loans with like 26 interest, that’s crazy. That only happened because one your income is low, which we talked about earlier and then two, your credit sucks like a 26 interest. Auto loan is not normal.
Okay, so i say: bring back two parent households, let’s, maybe just work on uh sticking with the person that we have kids with, because it really does give us a more of a fair shake in the financial world. All right, you’re gon na have better credit. If you have a two person, uh family that’s, you know headed by two people, it’s just facts. You guys and i’ll, just throw incarceration in there for kicks. You know what i mean, but um, really. The only reason i would say incarceration could be contributing to our low credit score is because the dues that are in jail and the women that are in jail uh, they could be out here in these streets with us helping contribute to the higher credit scores that’s About it, it’s just people that are missing from the mix so that’s the only the only like attention, i’m gon na give to incarceration in the black community and the correlation to bad credit. Okay, moving on, if you’re still here and you haven’t, been triggered. Congratulations all right. The next thing, i think, is hindering black people from having good credit. Is education um? Not really the fact that we go to school it’s that one we tend to go for majors that are not meaningful. That cannot be used and are not valued in the marketplace. That’S number one number: two: we go into debt to go to school and then once we get out, we don’t pay the student loans.
I cannot tell you how many black clients i actually have no shade. Is just facts, but how many clients i have that don’t pay their student loans by the time they get to me. They have a ton of student loan debt that they just opted not to pay that’s a problem and, generally speaking, black people tend to be very flashy um, so that’s a problem too, and that leads to low credit, because we are spending money that we don’t have To impress people that don’t like us, i forget, whose quote that is maybe it’s dave, ramsey or something but anyway uh our need to want to be seen and want to be seen in a certain light. Aesthetically and financially is what’s really causing a lot of the rift um and causing our low credit score as a whole in america, because we’re spending so much money to purchase things that we don’t need and live in areas um. You know paying too much rent and all this other stuff just to appear a certain way that it is affecting something like a credit score. A credit score will give you way more leverage than a 700 car payment. Will you know what i mean it’s, the good credit score that’s, going to take that 700 car note down to about 250 350.. You feel me so it’s, the stuff that’s on the back end that’s, not glamorous um, that black people don’t like to pay attention to.
We don’t like to see the work involved. We just like to see the outcome, which is the fancy car, the pretty hair, the the brand name. Whatever we have big contributing factor, we need to stop worrying about being aesthetically, pleasing and start worrying about being economically viable. At me, here is a book that everybody can appreciate that talks about group economics and the importance of keeping everything within your community before you share the wealth with the world. I am not affiliated with amazon.com, but please pick this book up today. You will be glad that you did so i’m sure you can tell by now the reason that i believe that black people have the lowest credit scores in the country is because we seriously lack financial education it’s. Not only that, when we get the financial education, we do not share it with each other willingly it’s almost like we get the information, and then we just want to hoard it for ourselves. This book again talks about that and it talks about the importance of sharing information with your people and keeping the economy going within your race. Okay, that’s what they talk about, it’s, very controversial, but it makes a lot of sense case in point like with my family. No shade but there’s people in my family that acquired real estate like 30 plus years ago, not once have those people shared with their extended family, how they did it there’s. Just a lack of group economic mindset in this in this race.
It just is what it is again no shade to my family because they may not have known. It was important to share that information with people um. You know i became a business owner on my own. Nobody told me to do that. You know what i mean: it just happened that um, you know there’s been this influx of all of these. You know uh black content creators that are giving this information away now and something in me just clicked and knew that i had to to seek the information elsewhere. You know what i mean, but the information that i get. I am absolutely gon na share it with the people, because i don’t see that money is going to run out. Money is infinite, like it’s, an infinite resource that we have. So i think that black people also need to change the way that they see money. They need to change the way that they see finance and we need to see the value in coming together cohesively. It is okay, it is okay for a certain amount of time to keep the black dollar black there’s, nothing wrong with that: okay that’s, what they did! Okay, if you agree or disagree, cool leave, a comment below i’m pretty hard to offend it’s all good and remember if you want to start your credit repair journey for free download, the free ebook the 90 day, rapid repair, ebook, okay, it’s totally free. So you have no excuse to get this journey started and help to pull us black people out of being the lowest credit score keepers in this country, all right, it’s up to you to help all right.
If you have a little bit more money to spend, get started right now by getting a secured credit card. My company offers one in the links below all you need is a 200 deposit to get your journey started all right. We are counting on you to pull us out of this all right. I’M doing my part, you need to do yours. Alright, the time for blaming others is over let’s get this money. Let’S get this credit let’s get this leverage in this country. All right. If you have any questions, feel free to book a consultation at www.fixmyficono dot, otherwise go through my video catalog and watch some stuff, i’m, pretty sure there’s, something in there that will help you to succeed. Alright, i will see you guys on the next one. Do not forget to like comment, share and subscribe and hit the notification bell, because youtube be hay in anyway. See you guys next time, credit solutionist out tell me if you agree or disagree with my analysis. I am willing to be wrong.