New
Website to offer Interactive and Business-To-Business Features
Managing
Credit: Common and Unexpected Scenarios
Letter
to Black Americans--A Reprise
The
Coca-Cola Company names Alex Cummings to lead Northern Africa Division
Credit
Card Fees Will Continue to Rise
South
Shore bank to open new center in Cub Foods of Chatham Ridge
THE
AFRICAN AMERICAN CONSTRUCTION LEADERSHIP COALITION UNVEILS NEW PROGRAM
TO HELP MINORITY
Leader Jones: Gas Sales Tax
Suspension must Benefit Consumers
Managing Credit: Common and
Unexpected Scenarios
Personal Financial Advisor, Internet
Access Distinctly Different Concepts
Introducing a New African-American
Owned and Operated On-Line Gift Store
IRS Offers Possible Business Tax Relief
Blackonomic$: The Black List
Looking to Make a Large Purchase like a car or a
Home? First you have to have good credit
Special Taste Fish and Chicken Breading Product owner
gives back to community
The May 2000 edition of Ebony Magazine features a new list of the most
influential Blacks. I am always interested in seeing this list because
I am intrigued by the notion of influence versus power. I like to see which
Black people are being portrayed as the "movers and shakers" of our time.
And I always look through the list to find the people who are most influential
- and leading the way - when it comes to economic empowerment.
Two things struck me as I looked through the list. One thing was the
absence of certain people; the other was the very first person featured
in the story. I will start with the latter. The newly appointed Chairman
and CEO of Avis Rent A Car, Mr. Barry Rand, truly one of the highest ranking
Blacks in corporate America for years, heads the list of "100+ Influential
Black Americans."
So what's the problem, you say? Well, most of us know what happened
to Avis last year. It joined a long list of companies that got caught with
their discrimination showing and had complaints filed against it for disparate
practices against Black patrons. You have heard it so many times before
with Revlon, Coca Cola, Texaco, Denny's, Comp USA, et al, so I will not
repeat the story.
The problem is this. The companies in question, and we know who they
are, always seem to successfully recapture the business of Black consumers
by hiring a Black person, doing commercials and other advertising campaigns
featuring Black people, and giving Black consumers "deals" to return to
their stores by offering apologies and discounts.
Avis was caught. Shortly thereafter, we see Mr. Rand's picture in USA
Today as the new man in charge. We also begin to see, as I did recently,
television commercials featuring Black counter clerks and Black satisfied
customers doing business with Avis. This same scenario has happened so
many times it's almost comical, and it would be if it were not so sad.
Please do not misunderstand this message. I am proud of Mr. Rand and
his accomplishments. I hope he will turn his new company around and use
his "influence" in a way that will "trickle down" to the masses of Black
people. I hope and trust he will be a leader who will use his influence
to educate Black people, to economically empower Black people, to publicly
speak out for Black people, and to assist Black people in our quest for
psychological and economic freedom. And this is not a request solely for
Mr. Rand; I hope all of the "100+ Most Influential Black Americans" will
do the same.
The article's lack of Black men and women who are promoting economic
empowerment - full time, for the masses - was also quite striking. Again,
nothing against those who are featured, many of who have done quite well
with their personal economic empowerment. They are well deserving of the
recognition they received. But, don't you think that on any list of most
influential Blacks we should see a few Black people who are leading the
charge for collective economic empowerment?
Why do we not see Dr. Claud Anderson, author of Black Labor White Wealth,
nationally influential leader and educator? Dr. Anderson has hundreds of
thousands of followers and subscribers to his economic empowerment strategies.
His principles of Powernomics and his educational forums have influenced
millions of Black people across this country. Why do we not see him on
the list? Or on television shows like Oprah, Montel, and Tavis?
Where are Al Wellington and Ken Bridges? These two gentlemen have influenced
thousands of Black brothers and sisters from coast to coast with their
establishment of the MATAH Network. They have demonstrated leadership in
the fight for collective economic freedom. Have you seen them on any list?
Others obviously missing from the list of Most Influential Black people
were George Fraser, Brooke Stephens, Tony Brown, Julianne Malveaux, and
Magic Johnson. These and others are dedicated to empowering our people
economically, which is second only in importance to our spiritual empowerment.
We need a list for them too. Our people need to know who these people are
and what they are doing.
Our people need to know there are men and women working everyday on
their behalf vis a vis our collective economic future - our children's
future.
Why do we seem so disinclined to promote our brothers and sisters who
are leading the charge for economic empowerment for the masses of Black
people? I beg those who are "Most Influential" in Black media to please
uplift our brothers and sisters who are fighting for economic freedom for
Black people.
They are indeed influential, but they must, no WE must be able to transform
that influence into power. There is a huge difference between mere economic
influence and real economic power. If Black people settle for influence
only, we will remain in our current economic condition. We must understand
the words of Amos Wilson who wrote, "The idea that the Afrikan American
community can exercise effective power, political, or otherwise, without
simultaneously exercising economic power, is a fantasy.
Hundreds may attain positions of influence and affluence (but) millions
of average African Americans are marginalized and impoverished simultaneously."
Use your influence to secure collective economic power for our people,
please.
So you're ready to buy a new car, or even your first home. You've saved
up the money for a down payment and have even figured a monthly payment
into your budget. But when you go to apply for a loan, the lender turns
you down. You ask, "What went wrong?" The answer: It's your credit!
In order to be approved for a loan, you must have a good credit history.
A credit history is a record of how you have paid your credit card debt
and other loans-it shows how much debt you have, if you have made payments
on time or if you have not paid back your loans at all.
"Good credit is important because it gives you a better chance of getting
a loan when you want to make a major purchase such as a car or a home."
said Mike Kormos, division sales manager at WM Financial Services, an affiliate
of Washington Mutual, "A good credit history shows the lender that you
can be relied upon to pay back the loan."
How do you find out if you have a good credit history? You can obtain
a copy of your credit report from one of the following national credit-reporting
agencies: Equifax (1-800-685-111), Experian (1-888-Experian), Trans Union
Corporation (1-800-916-8800). "It's important to request a credit report
from the major credit agencies each year to examine what is on your report,"
Kormos said. "These agencies are required by law to provide one copy per
year free of charge to the individual belonging to the report."
What do you do if you find out you have bad credit? Don't worry. You
can contact your local Consumer Credit Counseling Service for free and
confidential credit counseling (1-800-750-CCCS). And in the meantime, here
are some tips for improving your credit and establishing a better rating:
1. Pay your bills first. Put aside money to pay your bills before
spending money on luxuries like going out to dinner or seeing a movie.
2. Don't apply for credit unless you absolutely need it: Many
of us apply for credit cards because of a free gift, a discount on a purchase,
or just for fun. Each time you apply for credit, it appears on your record.
If you apply for credit too often, creditors may be concerned that you
are using too much credit.
3. Choose your credit cards wisely: Opt for a credit card that
provides a low interest rate that offer low fees. Avoid credit cards that
allow you to pay an upfront fee in order to get a lower interest rate-that's
often a scam!
4. Try to pay off credit cards every month: Don't use your credit
card if you know you can't afford to pay the balance. Instead, pay cash
or write checks for purchases.
5. Avoid charging the maximum amount available on your credit card:
Even
if you pay the minimum monthly payment, creditors may think you are in
too much debt and therefore will not approve you for a loan.
6. Pay more than the minimum amount due each month: You will
end up paying a lot more money in interest charges if you only pay the
minimum amount due. For example, let's say you use a credit card with an
18 percent interest rate to buy a television for $1000 and you only make
the minimum payment of 2 percent each month. When you have finally paid
off the television, 7½ years later, you will have paid $1,800 for
a TV worth only a thousand bucks.
7. Keep track of bills and past-due notices: Just because you
no longer receive payment notices does not mean a debt has just vanished
into thin air! If you neglect to pay a bill, chances are you'll be sent
to a collection agency. The debt will 'reappear' on your credit report
and may prevent you from getting a loan.
8. Create and follow a budget: A budget can help you manage your
expenses, control your spending and set aside money to pay your debt. So
when you're ready to apply for a loan and the lender asks you how much
income you have and what your expenses are, you can refer to your budget
for that information.
Follow these simple steps and you're on your way to establishing good
credit. Chances are the next time you decide to apply for a loan, you'll
be approved with flying colors!
If you'd like more information on improving your credit, contact WM
Financial Services at (800) 888-0055. Washington Mutual Personal Finance
Columns are available monthly. Next month look for tips on avoiding credit
repair scams.
William Doolittle Corporation was established
in 1981to market and distribute its on brand of consumer products to retail
grocery stores. The corporation brand is Special Taste Fish and Chicken
Breading Products that are currently being marketing in the Chicagoland
marketplace through Jewels, Dominicks, Delray Farms, Moo& Oink and
other Independent stores.
Special Taste Fine Quality Fish and Chicken
Breading Products were accepted remarkably will from the start in the Chicago
market.
Today, Special Taste Fish and Chicken Breading
Products have a ninety (90) percent distribution in Chicago's marketplace.
'In October of 1995, I was reading the
newspapers about the 'One Million Man March' with its unity and positive
messages toward improving the social and moral fibers in our communities.
'I was motivated and excited to take part
in doing my share to enrich the African American community through scholarships,
job training and recognizing individuals doing special things in the community,'
Doolittle said.
Next, 'I thought of the ' One Million Bag
Sale' promotion which was designed to bring in personal and business advertisers.
This project was prolonged for nearly five years. But I was determined
to keep this dream alive.'
Today, The Special Taste Fish and Chicken
Breading Products are in position to launch a huge and effective community
reinvestment promotion that can generate a substantial amount of proceeds
to go back into the community.
The William Doolittle Corporation Special
Taste of Life Scholarship Program is targeted for graduating students who
are planning to major in business and have the creativity and determination
to start their own businesses.
Some of the proceeds from the 'One Million
Bag Sale, promotion will to the Ada McKinley Community Services, Inc. and
Mother to Mother, Inc. The Mother to Mother organization prides itself
in providing traditional programs for women and children that had to flee
from abusive situations.
Finally the William Doolittle Corporation
Scholarships For Students and blankets of comfort and hope for each woman
and child will facilitate in building self-confidence and strong wills
to be successful and reinvest in their communities.