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Homeless, and Outsaving Half of the United States | CEF Directors & Advocacy Choir | TEDxUNC

The following text contains transcriptions, quotations, excerpts from an original source linked below.

What causes so many people to suffer from homelessness?
Most financial services are not built to serve low-income households. In fact, they often do more harm than good. 
Fees and interest (riba) (high overdraft fees) (exploitative payday loans) etc. accumulated into over $141 Billion in 2015 (financially undeserved Americans spent). <— makes it more expensive to be poor in this country than to have wealth. 
When a person doesn’t have a bank account for minimum balance requirements or high overdraft charges, that person will spend on avg. $500 a year in extra transaction costs alone. Furthermore, the housing costs are un-affordable for low-wage workers (on fixed income).
 
If you earn $8/hr, you would need to work over 100 hours a week to be able to afford a 1 bedroom apartment.
 
And federal funding for affordable housing has dipped tremendously between 2009 – 2013. We are experiencing a rental housing crises.

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One contributor to the wealth-gap in the US has been through home-ownership. Home-ownership is the primary way in the US families pass down wealth from generation to generation. 
America wrote racism into the manuals, literally (see: Redlining). The denying of mortgages and opportunities to neighborhoods of color stayed on the books until the civil rights act of 1068. Banks continue to discriminate in lending.
 
When we turn people’s life’s around, it’s not just their lives. It’s the children, their grandchildren; their whole families.

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