Magic Johnson & Russell Simmons Join The Ranks of Predatory Financial Services To African Us Americans
Man, biologically considered, and other things he might be in to the discount, is the most solid of all of the beasts of victim, and even, the only 1 who preys methodically by himself types. вЂ” William James
This really is an anticipated section of war. It really is an entire other thing as soon as your own other soldier turns while yelling at you saying he is trying to help you towards you and starts shooting at you. That scene in essence defines the behavior of Earvin вЂњMagicвЂќ Johnson and Russell Simmons prepaid credit card offerings therefore the focus of those services and products regarding the African community that is american.
BOOM! That sound you just heard is the card that is prepaid based on the Network Branded prepaid credit card Association. In ’09, People in the us invested approximately $18 billion on prepaid cards and simply three brief years later that quantity had doubled to $37 billion. Prepaid is booming and everybody wishes a piece. That growth was particularly current in African America because the previous two decades haven’t been type to African American owned banking institutions seeing their ranks dropped by over 50 % and an increase of payday advances & check cashing businesses just simply take their invest African US communities. It has generated a crisis that is daunting the amount of African Americans that are unbanked/underbanked. The FDIC states the nationвЂ™s percentage that is unbanked 7.7 %, while African America is 3 times that average at more than 20 % (graph below).