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Debt

cash-16x9.jpg

Payday loans: A debt trap in disguise

Dedrick Muhammad & Charles Lowery, NAACP
OPINION - Are payday loans a good source of emergency cash? Thanks to misleading marketing, many of its consumers unfortunately think so....
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George Clinton attends the 27th Annual Rock And Roll Hall Of Fame Induction Ceremony at Public Hall on April 14, 2012 in Cleveland, Ohio. (Photo by Mike Coppola/Getty Images)

George Clinton allegedly gives up rights to funk classics to pay off debt

theGrio
theGRIO REPORT - Funk music legend George Clinton has been forced to sell the copyrights to some of his classic funk songs in order to pay off legal debts, according to TMZ...
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A black person praying in a church

Oldest black LA church sues ex-pastor

Brittany Tom
theGRIO REPORT - With a half million dollar debt looming over them, one of the oldest and most prominent black congregations in Los Angeles is suing their ex-pastor John J. Hunter...
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(Photo by Dimitrios Kambouris/Getty Images)

Bow Wow in dog house with bank, sued for $25,000 in fees

Similoluwa Ojurongbe
theGRIO REPORT - According to TMZ, Georgia Bank is suing Bow Wow for $25,000, for the loss they incurred after the performer failed to repay a business loan...
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graduates-16x9.jpg

Report: Clark Atlanta University ranks worst in student debt

Similoluwa Ojurongbe
theGRIO REPORT - The US News & World Report recently did an analysis of colleges and universities where students graduated with the least and the most amounts of debt debt. Clark Atlanta University ranks at the top of schools where students exit with most debt...
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(image courtesy of Morris Brown College)

Morris Brown files for bankruptcy

Associated Press
ATLANTA (AP) - Facing more than $30 million in debt, Morris Brown College officials have filed for Chapter 11 bankruptcy...
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HOLLYWOOD, FL - JUNE 22: Evander Holyfield arrives at Don King Tribute at Seminole Hard Rock Hotel on June 22, 2012 in Hollywood, Florida. (Photo by Larry Marano/Getty Images)

Holyfield forced out of mansion

theGrio
NEWS ONE - Boxer Evander Holyfield was forced to move out of his foreclosed home just outside of Atlanta yesterday...
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Rep. Charlie Rangel (D-NY) talks with a reporter about the special election in New York on Tuesday after a rally with fellow House Democrats on the steps of the U.S. Captiol September 14, 2011 in Washington, DC. The Democrats were rallying to demand that the House GOP take up the American Jobs Act. (Photo by Chip Somodevilla/Getty Images)

Rangel campaign cash crunch

theGrio
This is Rangel's toughest primary campaign in his 42-years in Congress and it appears that his campaign is having money trouble...
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CREDIT CARD REFORM.  Under Obama, abusive credit card companies are no longer protected.  With the final set of provisions of the credit card reforms taking effect in 2010, the deceptive “fine print” of credit card agreements is no more.  Credit card users can opt out of certain terms.  Millions of consumers will have more time to pay their monthly bills, avoid retroactive interest rate increases, receive more notice of changes to credit card terms.  Predatory lending costs American borrowers $25 billion each year, and the poor, African-Americans and Latinos are particularly susceptible to fraudulent practices and higher interest rates.

BET joins the prepaid card bandwagon -- beware!

Ryan Mack
OPINION - The prepaid card is one that doesn't help anyone establish credit, costs far too much for those who have limited budgets...
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Charlie_Rangels_Ethic_Wils.jpg

Charlie Rangel owes $23k civil fine

theGrio
Rep. Charlie Rangel has been charged with a civil fine of $23,000 for campaigning from his rent-stabilized Lenox Terrace luxury apartment in Harlem...
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