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Thursday, August 24, 2006
Poverty
exacts high
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Continued from page 3A
Operation Hope geared toward students ages 9-18. That pro
gram alone has reached more than 700 schools in the U.S. serv-
ir^ thousands of students, Bryant said.
Operation Hope currently has seven Hope Centers in the Los
Angeles, Oakland and Washington, D.C. areas.
The D.C. office is exactly where 43-year-old Angela Johnson
went to find out that despite what she was told by others, she
could finally purchase her own home. The Johnson’s took a
series of classes and the professionals at the center took them
fium confusion to their closing.
“Theyjust took you by the hand and were so helpful and today
I stiU call them.
It’s just nice to know that somebody has yoxir back. Somebody
has your back with information and knowledge,” Angela
Johnson said.
But home buying isn’t the only area where lower income peo
ple are getting bad deals.
Lower income homeowners “can pay as much as $300 more
for home insurance than those in higher income neighbor
hoods,” the report said.
When a lower income person walks into a car dealeiship, the
report showed, that person will pay between $50 and $500 more
in car prices and an extra two percentage points on an auto
loan.
‘"IbgethCT, these higher prices can add up to over $1,000 every
year,” said the report.
What you pay all hinges on credit, says Ti*acy Bailey assistant
manager of the Hope Center in D.C.
“People don’t understand the power of good credit and they
don’t check it as often as they should. They really don’t imder-
stand that they don’t need a whole lot of money for purchasing
power if they have good credit. When we inform them of that
fact it’s like a li^t comes on,” Bailey said.
That’s why the credit counselors at Operation Hope, teach
people how to read their credit report at least twice a year and
encourage them to get rid of the fear of contacting their debtors
and disputing incorrect information.
‘We’ve got to stop being ashamed of the fact that we may have
tore up credit. The fact tiiat we may not have any money in the
bank... We sit there with you and have a good laugh. We laugh
and we encourage you to lau^. We say this credit report looks
like a biis accident. Now it’s out. It’s not that bad, the world did
n’t explode. We’re proud of you that you actually stepped for
ward,” Bryant said.
Check-cashing, payday loans and rent-to-own furniture busi
nesses are also m^or contributors draining the pockets of low
income people, says the report.
Most customers of check-cashing businesses earn annual
incomes of less than $30,000 and to cash a $500 check, the
report said. Customers would pay an additional $5 to $50 in the
12 metro areas they selected for the study
M
Year
'6esf Anniversary Gala
Simply the 6est
PfilZfS fOP 8fST DRfKED
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Honorees:
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Corporotion: Wachovia
Community Service: Big Brothers Big Sisters
Luminary: Bob Dovis
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