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Why The American Credit System Is So Terrible

Get your first three months of Audible 60% off! Visit https://audible.com/secondthought In America, more than in any other country in the world, three numbers can change just about everything. From your job, to your home, to your insurance, three digits can command where you can live, what you can buy, and what it’ll cost you. To most Americans today, this is just “the way it is,” but that idea, and the idea behind credit scores in general, is deeply complicated, discriminatory, and rooted in a long history of our financial system driving an ever bigger wedge between the rich and the poor. In this episode, we’re looking at credit scores. We’re going over everything wrong with our modern credit reporting system, how you might hear people defending this broken metric, and the why and the how that landed us here. Why The American Credit System Is So Terrible – Second Thought SUBSCRIBE HERE: http://bit.ly/2nFsvTS New video every Friday! Citations And Further Reading: Credit Scores, Neoliberalism, and Class Systems https://spire.sciencespo.fr/hdl:/2441... https://books.google.com/books?id=zOr... https://books.google.com/books?id=1SK... https://www.asanet.org/sites/default/... Credit Racism https://apnews.com/article/lifestyle-...   / why-credit-scores-are-racist   https://www.forbes.com/advisor/credit... Redlining and Market Logic https://www.degruyter.com/document/do...    • Housing Segregation and Redlining in ...   A Third of Americans Have Errors on Their Credit Report https://www.cnbc.com/2021/06/11/how-t... 52% Credit Medical Debt Stat https://www.consumerfinance.gov/about... https://www.commonwealthfund.org/publ... Paying Off Loans Early Hurts Your Credit Score https://www.nerdwallet.com/article/fi... August 2001 Excerpt from “The Banker” https://dro.dur.ac.uk/11323/1/11323.pdf Short Description of Credit Unions https://www.creditunion.ie/about-cred... China Social Credit System https://foreignpolicy.com/2018/11/16/... https://foreignpolicy.com/2021/09/15/... Follow and Support Second Thought! Twitter:   / _secondthought   Patreon:   / secondthought   BuyMeACoffee: https://www.buymeacoffee.com/secondth... CashApp: $JTChapman Watch More Second Thought: Latest Uploads:    • Плейлист   Spaaaaaace!:    • Плейлист   What If...:    • Плейлист   Popular Videos:    • Popular Videos | Second Thought   About Second Thought: Second Thought is a channel devoted to education and analysis of current events from a Leftist perspective. Welcome! Business Email: [email protected]