Tag: bill collectors

  • Dr Boyce Money: Five Ways to Know You are a Credit Card Crackhead

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    Sometimes your finances can get so out of whack that you can only laugh in order to keep from crying. Well, I am a big advocate of the art of laughing, so I thought I would share five symptoms that show you might be a credit card crackhead. As we know, millions of Americans have been sucked into credit card addiction, especially before the recent financial crisis, where the average savings rate for American consumers was actually less than zero.

    African American wealth
    is also affected, as many of us in the black community are very good at whipping out the credit card to handle any old financial concern. Here is a list of five ways to know that you might be a credit card crackhead:

    1)Are your roommates and children trained to tell the bill collectors you’re not home? Running from bill collectors might make sense, but you eventually have to deal with them. I recommend working with a consumer credit counselor, who can help you to renegotiate your debts. Many of them can save you thousands of dollars in the process.

    2) When shopping, do you whip your credit card out faster than John Wayne’s gun? Food, clothes, haircare products are not the kinds of things that should be purchased with a credit card. Credit card use should be limited to major and emergency purchases. Using cash is an easier way to keep a cap on your spending. You might want to get a set amount of money out of the ATM every week and don’t spend more than that amount.

    3)Do you break into a cold sweat when you make a charge because you think that your credit card might be maxed out? Yes, a maxed out credit card is embarrassing. But banks have made it “easier” for you: many of them will go ahead and pay the charge if you go over your limit. In fact, they encourage you to overspend. Why? Because they will charge you a massive fee for doing so, to the tune of nearly $40 per transaction.

    4) Do you do the happy dance when you get a free credit card offer in the mail? If you are smart, then you would just throw it away. These offers are not as prevalent as they were before the financial crisis, but the credit card crackhead has a problem with seeing credit card offers as free money. Most of us think we need credit cards, but really you don’t. One credit card is usually enough to achieve your financial objectives.

    5)Do you have so many credit cards that your wallet hurts your butt? Or if you are a lady, do you have credit cards for all of your favorite stores? If so, the high interest payments you are making are probably killing your ability to save money. Get rid of store credit cards, since they encourage you to overspend on meaningless junk. They also tend to charge outrageous interest rates.

    When it comes to managing a credit card addiction, it’s all a matter of making wise choices. Credit is a good thing and very powerful, but it should also be used responsibly. Get your butt in rehab right now.

    Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the forthcoming book, “Black American Money.” To have Dr. Boyce commentary delivered to your email, please click here.

     

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  • Five Things You Might Not Know About The Black American Worker

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    Black American WorkerIt’s no secret that the recession is hitting African-Americans especially hard. Last month black unemployment stood at 14.5 percent, vs. 8.6 percent for whites. However, nearly 18 million blacks are still toiling in the civilian labor force, representing over 11 percent of America’s 155 million workers. As the country enjoys a day of rest on Monday to celebrate all working Americans, Black Voices is taking time to shine a much-deserved spotlight on the black worker with five facts you might not know…

    working black women1) She Brings Home The Bacon
    The black worker is more likely to be female; but then again, there are simply more black females. Fifty-three percent of black workers age 20 and over are women, while 47 percent are men – commensurate with their representation in the overall population.

    2) The Tax Collector in the Mirror
    It’s not surprising that a black person is more likely than a white one to be a bus driver or a health care aide. But did you know that blacks are also more likely to be tax examiners or collectors; dietician or nutritionists; crossing guards; bill collectors; and telemarketers?

    3) On The Government Payroll
    Who says big government is a terrible thing? While facing discrimination in many sectors, blacks are more likely to work for the federal government than other Americans. We represented 17.8 percent of the federal workforce in 2007 compared to 10.1 percent of the general population

    4) Bearing the Union Label
    For years blacks have been more likely to work in a union, bringing them 12 percent higher wages than their non-union counterparts. However, black union participation has been falling for years, from nearly 32 percent in 1983 to less than half that today. In 2008, 14.5 percent black workers were union members vs. 12.2 percent of white workers. It’s no wonder that on average blacks are….

    In More News About Black Workers:

    +NAAIA is Recruiting Black Insurance Professionals

    +Dr. Boyce and Michel Martin on NPR Discuss the Minimum Wage

    +Dr Boyce Money: First Black Female to Run Fortune 500 Company

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    Before These Stars Quit Their Day Jobs…
    Mary J. Blige and other stars had important jobs before they were famous, even if they may have been low-income. What are the most underpaid and underappreciated professions?
    Getty Images

    Before They Were Famous

      Mary J. Blige is known for her creatively coiffed crown of hair for good reason…

      Stephen Lovekin, Getty Images

      Mary J. Blige:
      At-Home Hairdresser

      From Starpulse.com: “Blige spent the first few years of her life in Savannah, GA, before moving with her mother and older sister to the Schlobam housing projects in Yonkers, NY. Her rough life there produced more than a few scars, physical and otherwise, and Blige dropped out of high school her junior year, instead spending time doing her friends’ hair in her mother’s apartment and hanging out.”

      Mary started to make her own way in the world in a profession that many take for granted. The at-home hairdresser is a very important staple of many communities, as she uses her skills to help women who can’t afford a professional salon to stay pampered and beautiful. We salute you!

      Getty Images

      Denzel Washington is no stranger to the hair business himself…

      John Shearer, WireImage

      Denzel Washington: Barber
      From Tiscali: “It’s often been said that the boy picked up his desire to act from the flamboyant communication that went on around him at this time. He certainly picked up a desire to work – the family ethic was very strong – and young Denzel found himself labouring in barber shops and beauty parlours from the age of 11.”

      The neighborhood barber is an important institution in many communities. Even though they don’t get paid much, men’s salons are like private social clubs that allow them to relax and connect at an affordable price. Workers in these establishments not only groom the body — they soothe the soul.

      WireImage

      Ellen is known for her dancing, but she used to be a different kind of mover back in the day…

      Jordan Strauss, WireImage

      Ellen Degenres: Car Wash Driver
      From CareerBuilder.com: “I actually liked my first job. I was driving cars out of a car wash, you know, once the car comes out, you get in and you wipe it. That was exciting to me to drive the nice cars and wipe down the [dashboard] with Emerald.”

      We often take for granted all the folks at the local war wash. They may be working for little more than tips, but they keep our cars clean and fresh, making a huge positive impact on our daily lives.

      WireImage

      Jennifer Lopez has displayed a high level of discipline and organization in plotting her megastar career. She must have learned those skills during one of her first jobs…

      Steve Granitz, Getty Images

      Jennifer Lopez: Legal Assistant
      From 2spare.com: “Long before Jennifer Lopez sang, danced and acted her way to superstardom, she briefly traded in her velour tracksuit for a suit of the pin-striped variety while working at a law office.”

      It’s hard to imagine someone as driven as Jennifer Lopez being an assistant, but J.Lo paid her dues by helping her bosses meet their goals. It’s hard for anybody to put others first, but that’s what assistants do in every field. They deserve to be appreciated for this.

      WireImage / Getty Images

      Before Angela Bassett became a huge star in front of the camera, she earned her living doing business on the other side of the lens…

      Michael Tullberg, Getty Images

      Angela Bassett:
      Photo Researcher

      From Yuddy.com: “After working as a beauty salon receptionist and photo researcher, Bassett got started with her acting career in New York Theater, after which she landed her first role-as a prostitute-in the 1985 TV movie ‘Doubletake,’ starring Richard Crenna and Beverly D’Angelo. The following year she landed her first official film role as a TV reporter in ‘F/X.’”

      Whenever we look at a magazine, or in a book with pictures, we are seeing the work of some one like Bassett in her early career. We never think of the faceless, nameless men and women who look for all the photos that illustrate concepts, news and ideas in every facet of our daily lives, ranging from Web sites to education. But every one of those photos was hand-selected by someone, most often an anonymous, but dedicated and not-too-well-paid pro. What would life be like without all the hundreds of pictures we enjoy every day?

      Getty Images

     

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