Is Modern-Day Banking A Form Of Economic Apartheid?

Modern-day banking is a form of modern-day economic apartheid. Check out the video to learn what to look for!

Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.

For starters, during the pandemic, half of all black mortgage applicants were turned down.

Second, credit card interest rates can reach 20% to 25%, and there are also overdraft fees to consider. Did you know that banks profit twice as much from those two items from their poor clients then they do from their wealthy customers?

If you have credit cards and try to keep up with payments, but you miss them, it will be sent to collections before you realize it. The banks then use that as a write-off on all of your earnings. And, every single day, someone else turns 18, and they begin targeting them, thereby repeating the entire process.

Make sure you stay informed on how interest rates work. What does it mean to have a high interest rate? What does it mean to have a low interest rate? For example, just because someone offers you a loan and pays you $10,000 in cash instantly does not mean you should take it. Yes, it may appear cool, and you can go out and get yourself some clothing and do anything you want. But it's what you'll have to pay later on that we need to start thinking about.

You can really leverage your credit if you have good credit, but there's a hell of a catch and a tight rope. Start purchasing assets and putting your credit cards to work for you by allowing them to pay for your purchases, travel expenses, and then you will have sensible debt. Now you may get mortgages, business loans, and other types of financing where the cost of capital is lower and the money you make from employing that capital surpasses the cost of capital in the first place. Now you've officially entered the wealth hacking game, with the bank deciding that you'd be a good customer.

Immigrants, people of color, and minorities are the people who are most affected by these banks. That is simply the case statistically. There isn't enough financial education at the bottom of the socioeconomic ladder.

Make sure you stay on top of that budget and go to your bank and start negotiating with them. Let them know, if they don't give you a better deal, you’ll go somewhere else.

What are your thoughts onbanks? Let us know in the comments!

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