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One More Month Until We Kick Sallie Mae Out!


lostone
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Yeah, you all know the drill. End of April, my wife and myself will have paid off over 56k in student loan debt. We will be debt free minus the house. Really happy for this part of our journey to be almost over. My goal is to teach as many people as possible to be financially free especially in the black community. I feel this kind of message is needed there more than ever before.

April 2015 will be glorious!

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Yeah, you all know the drill. End of April, my wife and myself will have paid off over 56k in student loan debt. We will be debt free minus the house. Really happy for this part of our journey to be almost over. My goal is to teach as many people as possible to be financially free especially in the black community. I feel this kind of message is needed there more than ever before.

April 2015 will be glorious!

That is outstanding.

And I almost NEVER read about anyone doing anything to educate the "black community" about the price of debt. Which saddens me and, frankly, pisses me off.

I don't know if you are Black, and I'm not, so it is hard to express this without sounding like a bigot making stereotypes . . .

But when I drive through low income predominantly Black areas, I look at the businesses. What I almost always see are Custom Wheel stores, Nail Salons, Used Car lots, Churches, and . . . TITLE LOANS.

In the 2004 election Black Preachers were giving Sermons about the Evils of Homosexuality and Gay Marriage. (Which DIRECTLY resulted in Bush winning a second term. I have the numbers, but that's another story.) It occurred to me then that the Preachers were doing a disservice to their community on many levels. But politics aside, they should have been (and still should be) preaching about the sin of debt. It cripples the lower income communities and is a guarantee of cyclical poverty.

So . . . Good on you for many reasons.

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I am black HM. I believe it may be there, but is muted. I have so many conversations pretty openly with my white colleagues about money, but it's kind of muted with my black counterparts. I am working to change that where I work. Just have to be careful. Then going to bring it out to the community and hope to at least touch a few people.

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That is outstanding.

And I almost NEVER read about anyone doing anything to educate the "black community" about the price of debt. Which saddens me and, frankly, pisses me off.

I don't know if you are Black, and I'm not, so it is hard to express this without sounding like a bigot making stereotypes . . .

But when I drive through low income predominantly Black areas, I look at the businesses. What I almost always see are Custom Wheel stores, Nail Salons, Used Car lots, Churches, and . . . TITLE LOANS.

In the 2004 election Black Preachers were giving Sermons about the Evils of Homosexuality and Gay Marriage. (Which DIRECTLY resulted in Bush winning a second term. I have the numbers, but that's another story.) It occurred to me then that the Preachers were doing a disservice to their community on many levels. But politics aside, they should have been (and still should be) preaching about the sin of debt. It cripples the lower income communities and is a guarantee of cyclical poverty.

So . . . Good on you for many reasons.

The title loan industry is one of the most evil institutions in this country. They have screwing people down to a science, literally.

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don't forget about the payday loan places as well

I am about to pay off my smaller student loan, but my larger one that I owe about $30k on has a far lower interest rate than my three mortgages. I just got rid of a 4th mortgage I had on a piece of land that turned out to be a bad investment. Sold it at a loss, but at least I don't have to bother with it anymore

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don't forget about the payday loan places as well

I am about to pay off my smaller student loan, but my larger one that I owe about $30k on has a far lower interest rate than my three mortgages. I just got rid of a 4th mortgage I had on a piece of land that turned out to be a bad investment. Sold it at a loss, but at least I don't have to bother with it anymore

I lump payday loans/title loan places into the same category. A lot of companies run both, some specialize in just payday, or just title loans, but they're all predatory. Once you get one, you're locked, most people can never pay them off. The way the interest compounds, the APR ends up being over 1000% calculated on an annual basis.

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I lump payday loans/title loan places into the same category. A lot of companies run both, some specialize in just payday, or just title loans, but they're all predatory. Once you get one, you're locked, most people can never pay them off. The way the interest compounds, the APR ends up being over 1000% calculated on an annual basis.

I am glad to see some regulations on these places, but still concerned that once again we have to protect stupid people from themselves.

I am sure that there are those that have legitimately gotten into financial trouble and need help, but it isn't like people don't know payday loans are bad news. The real problem is that Americans are short sighted and desire driven and can't see beyond tomorrow. Same thing with our diets....everyone knows that eating a two piece from Popeyes with a tub of mashed potatoes and gravy is bad but that doesn't stop people

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I am glad to see some regulations on these places, but still concerned that once again we have to protect stupid people from themselves.

I am sure that there are those that have legitimately gotten into financial trouble and need help, but it isn't like people don't know payday loans are bad news. The real problem is that Americans are short sighted and desire driven and can't see beyond tomorrow. Same thing with our diets....everyone knows that eating a two piece from Popeyes with a tub of mashed potatoes and gravy is bad but that doesn't stop people

Most of them sneak as close to the line as possible on the protections, others blatantly violate it. There's lawsuits against these companies all over the country right now.

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I am black HM. I believe it may be there, but is muted. I have so many conversations pretty openly with my white colleagues about money, but it's kind of muted with my black counterparts. I am working to change that where I work. Just have to be careful. Then going to bring it out to the community and hope to at least touch a few people.

Glad to hear that. Do you think my observations and feelings on this issue are fair? Offensive?

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Glad to hear that. Do you think my observations and feelings on this issue are fair? Offensive?

Let me give you an honest answer Moses (and no, I KNOW you're not a bigot) from my perspective.

What made me cringe, was when you wrote this, "And I almost NEVER read about anyone doing anything to educate the "black community" about the price of debt." I can tell you that most black churches at home and here in Maryland have personal finance classes and I've seen a few even embrace Dave Ramsey's tapes and principles! I think it is unfair to ride through black neighborhoods, see the liquor stores, title loan shops, etc, and blame the prey but not the predator. Face it, people of all colors like nice stuff, and I can't cast aspersions on Jamal for riding around in a nice car and having nice stuff (with a regular ol' 9 to 5 job) when Bubba Jack is riding around in a 70K F-450 King Ranch dually truck, has 50K in guns, a pen full of high dollar hunting dogs, a jet ski, a bass boat, wife has a new set of tiddes and a Camaro.............while working a regular ol' 9 to 5 job just like Jamal! Black people can do better (we all can), but the punching bag stuff is old and tired!

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Let me give you an honest answer Moses (and no, I KNOW you're not a bigot) from my perspective.

What made me cringe, was when you wrote this, "And I almost NEVER read about anyone doing anything to educate the "black community" about the price of debt." I can tell you than most black churches at home and here in Maryland have personal finance classes and I've seen a few even embrace Dave Ramsey's tapes and principles! I think it is unfair to ride through black neighborhoods, see the liquor stores, title loan shops, etc, and blame the prey but not the predator. Face it, people of all colors like nice stuff, and I can't cast aspersions on Jamal for riding around in a nice car and having nice stuff (with a regular ol' 9 to 5 job) when Bubba Jack is riding around in a 70K F-450 King Ranch dually truck, has 50K in guns, a pen full of high dollar hunting dogs, a jet ski, a bass boat, wife has a new set of tiddes and a Camaro.............while working a regular ol' 9 to 5 job just like Jamal! Black people can do better (we all can), but the punching bag stuff is old and tired!

And therein lies the hazards of drawing conclusions from personal, anecdotal experience. ONE of the problems here is that I have been to predominantly black churches (for weddings) but I have never sat through a Sunday morning service. So my judgment is based on what I see from the TV folks (which I KNOW is not representative of most people's church experience) or what is presented from the media.

Hence, your comment regarding the "muted" message. So I'm glad to hear that the issue IS being addressed by (presumably predominantly Black) Churches.

FWIW, for the life of me, I cannot remember a single sermon from a Rabbi about the perils of predatory lending. But that's probably because they know where their bread is buttered! (I'll be here all week, tip your waitress.)

And yes, it is unfair for me to focus on this as a "Black" issue. I think it concerns me more because Black's have, historically, faced institutional barriers to meaningful class transition. Consequently, they are more vulnerable to the binds of predatory debt that infiltrates lower income communities.

Thanks for the honest answer.

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Let me give you an honest answer Moses (and no, I KNOW you're not a bigot) from my perspective.

What made me cringe, was when you wrote this, "And I almost NEVER read about anyone doing anything to educate the "black community" about the price of debt." I can tell you than most black churches at home and here in Maryland have personal finance classes and I've seen a few even embrace Dave Ramsey's tapes and principles! I think it is unfair to ride through black neighborhoods, see the liquor stores, title loan shops, etc, and blame the prey but not the predator. Face it, people of all colors like nice stuff, and I can't cast aspersions on Jamal for riding around in a nice car and having nice stuff (with a regular ol' 9 to 5 job) when Bubba Jack is riding around in a 70K F-450 King Ranch dually truck, has 50K in guns, a pen full of high dollar hunting dogs, a jet ski, a bass boat, wife has a new set of tiddes and a Camaro.............while working a regular ol' 9 to 5 job just like Jamal! Black people can do better (we all can), but the punching bag stuff is old and tired!

America's debt problem is color blind, and the financial predators only see one color - green.

My mother-in-law (she's a trip) sent my wife a funny text a couple of weeks ago. My wife's second cousin, or his wife, one of the two, had posted pictures on facebook of a nice new house they're renting. Both the cousin and his wife have trouble holding down jobs, despite being educated, they have triplets, who are some of the worst behaved children I've ever met, and the cousin and his wife are both morbidly obese. But they're renting this nice, big house.

My MIL texted my wife that we need to learn to game the system like they do, haha.

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Why are we talking about churches? We should be talking about public schools. Personal finance courses should be mandatory. If you don't listen to that, it's your own fault, but at least then we wouldn't have such a large part of the population that has just never been educated on the matter.

What's the point of teaching kids how to critically think?(which is always the defense for 4 algebra classes that 99% of people won't use)... To get a job I would assume. What's the point of getting a job if you have no idea how to manage your money?

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Why are we talking about churches? We should be talking about public schools. Personal finance courses should be mandatory. If you don't listen to that, it's your own fault, but at least then we wouldn't have such a large part of the population that has just never been educated on the matter.

What's the point of teaching kids how to critically think?(which is always the defense for 4 algebra classes that 99% of people won't use)... To get a job I would assume. What's the point of getting a job if you have no idea how to manage your money?

We're discussing churches because I gave an example to answer a question that was asked. As for teaching kids about personal finance, good luck with that. We are our own worst enemy. We've spoiled our kids (me included) into having a strong sense of entitlement...............plus a lot of these kids think money grows on trees! My $.02

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We're discussing churches because I gave an example to answer a question that was asked. As for teaching kids about personal finance, good luck with that. We are our own worst enemy. We've spoiled our kids (me included) into having a strong sense of entitlement...............plus a lot of these kids think money grows on trees! My $.02

I agree, which is why I said if they ignore it that's their problem. But like lostone pointed out, a lot of people just have no idea. Even if you only reach a million kids, that's a million potential families that can better set up their family for following generations.

If I walked down the street and asked people to tell me what an APR is, 401k, how credit works, or the likes, I doubt many would know the answer. Thats just sad IMO.

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We're discussing churches because I gave an example to answer a question that was asked. As for teaching kids about personal finance, good luck with that. We are our own worst enemy. We've spoiled our kids (me included) into having a strong sense of entitlement...............plus a lot of these kids think money grows on trees! My $.02

I have only been to two churches and plan to give talks at both of these venues. My guess is and Daves is that most people don't tithe/give consistently because they are mired in debt. I just want to get as many people to consistently give as possible. I had a preacher tell me that finances are not of his concern with people. Just an example, I know, but I'd rather be safe than sorry.

http://qz.com/303318/how-wealthy-black-americans-invest-their-money-differently-from-rich-white-americans/

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