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Mind on My Money:  Black Personal Finance 101

they don't want you to know

Picture
Credit Card Companies don't want you to know...

...That you can lower your interest rates legally.  It's true.  Working with a Certified Credit Counseling organization, you can lower your interest rates up to 80% or more.

...That there is no legal restriction as to how much they can raise your interest rates.

...That they actually make more profit on your fees than on your interest!!!

...That they don't ever want you to pay off your balance.  As long as you have a balance, you will pay interest.  And that's fine by them.

Collection Agencies don't want you to know...

...ANYTHING!!!  Just shut up and pay!!!

...About your rights under the Fair Debt Collections Practices Act (FDCPA).

...About your rights under the Fair Credit Reporting Act (FCRA).

...That they have legally established boundaries as to what they can and can't do in an attempt to collect on a debt.

Credit Reporting Agencies don't want you to know...

...That they are not  government agencies.  In fact, Credit Reporting Agencies are For-Profit companies that make their money collecting information on each individual, and selling it to potential creditors, employers, and even you.

...Your rights as a consumer.  In fact up until 2001 a consumer couldn't get their own credit report.  In fact, your lender was contractually prohibited by the Credit Reporting Agencies from disclosing YOUR score to YOU!!!

Your Potential Creditors don't want you to know...

...How to improve your score.  Since the amount of interest (read: profit) they can charge you is based on your credit score, lenders want you to have a good enough score for them to get paid, but a low enough score to charge you higher rates.

Credit "Repair" Organizations don't want you to know...

...That anything they can do for you, you can do for yourself.  And for far less.

...How to maintain your credit rating once you have improved it.

next: dirty little secrets

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  • Home
    • About Us: The BlackPrint Statement of Purpose
    • Today in Blackness >
      • May in Blackness
      • Quote of the Day >
        • Quote of the Day March
        • Quote of the Day February
        • Quote of the Day January
        • Quote of the Day December
        • Quote of the Day November
        • Quote of the Day October
        • Quote of the Day September
        • Quote of the Day August
        • Quote of the Day July
        • Quote of the Day June
        • Quote of the Day May
  • Learn To Fish
    • The Case For Black Entreprenuership
    • How to File For A Tax ID Number
    • Getting Organized For Business >
      • Getting Organized For Business 2
    • The Case Against the 40 Hour Workweek
  • Shoulders of Giants
    • Giant: Patrice Lumumba
    • Giant: Nat Turner
    • The Donkey's Sin - Ethiopian Parable
    • Giant: Haile Selassie
    • Giant: Madame CJ Walker
    • Giant: Hannibal Barca
    • Giant: George Washingon Carver
    • Giant: Sojourner Truth
    • Giant: Toussaint L'Ouverture
    • Giant: Harriet Tubman
    • Giant: Huey Newton
    • Giant: Marcus Garvey
  • Mind On My Money
    • 6 Terms to Master Financial Literacy
    • Black Wealth By The Numbers
    • Blackonomics 102: State of The Black Owned Businesses
    • Blackonomics 101: State of the Black Economy
    • 25 Resources For Getting Your Business Off the Ground
    • Black Investing 101: Invest In Stocks For Your Kids
    • How to Introduce Your Child to Money - Infographic
    • Black Investing 101: Invest In Companies You Support
    • Black Personal Finance 101
    • Getting on Track
    • Managing Debt >
      • Addicted To Debt
      • THEY Don't Want You to Know
      • Dirty Little Secrets
      • Your Rights As a Consumer
    • Understanding Credit >
      • Why Credit Matters
      • About Your Credit Score
      • Optimize Your Credit Score
      • By the Numbers
  • Unruly Intellectual Blog