Set "Us" Up For Failure
During my morning ritual, I turn to the Rickey Smiley morning show, on 92.3 FM, while I'm in the bathroom. It's the only time I listen to the radio. Rickey, Ebony, Rock T, and Gary are HILARIOUS!!! However, I was turned off when I heard Rock T doing advertisement for a "Payday Loan" company.
Now, I'm no Conspiracy Theorist or anything but I'm sure those "Payday Loan" companies are not paying for advertisement time on radio stations that minorities aren't tuning in to regularly. Having a few friends who are in marketing and public relations, I understand that companies target their audience when coming up with marketing and advertisement campaigns. What this said to me was that the "Payday Loans" company was thinking "Black folk are broke. Let's get 'em."
I have never obtained a pay day loan, but my understanding of how they work is that they are considered predatory loans. You borrow $1000 and have maybe two weeks to pay that loan in full. If you do not pay the loan in full, the interest rates are as high as 100%, making it almost impossible to repay the amount owed. Leading to collection agencies, negative effects on your credit score, and, in some cases, wage garnishment. All bad.
It makes me sad that our people misappropriate funds. I shake my head when I see young black women going through changes to obtain the latest designer hand bag. I get upset when I ride through low income areas and see an $80,000 car parked in front of a ran down home. But it PISSES ME OFF to see our people being targeted and preyed upon.
There is so much evidence that African-Americans have their financial priorities screwed up. We sometimes equate material possessions as a measure of success, so we tend to focus on the acquisition of "things" instead of obtaining financial stability and security. Everyone else sees it too, making us a target. I am really disappointed with Rock T for playing a significant role in this type of advertisement. He should know better. All money ain't good money. Be it borrowing from a "Payday Loan" company or getting paid to advertise to your people about it.
All-in-all, we need to do better. These types of companies wouldn't have money to advertise to us if we weren't utilizing their services. Until when turn things around, they will continue to "Set us up for failure".