Page 4 - Credit Builidng Toolkit By Adrean Yancy jr 3

Credit Building Toolkit

Introduction

According to the fdic.gov survey in 2019, more than
7.1 million households in the U.S. are unbanked. To
these people and more like them, the difference
between living comfortably and in poverty is the
lack of access to fair credit. Some people lack the
traditional means of accessing financial institutions
because they cannot meet requirements such as
being employed full-time or having sufficient
income levels set by banks and other lending
agencies. These consumers resort to ridiculous
subprime lenders who charge them interest rates
over 300%, worsening their predicament.

We've been told for years how important it is to be

responsible with money. Yet, in the United States
alone, 69% of all adults have less than $1,000 saved
up—and 45% don't even have anything at all in their
savings, according to GOBankingRates' 2019 survey.
Why? The answer might seem obvious: the system
is set up so that if you fail to save and build credit, it
benefits the people in charge of giving you loans and

credits.
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