The U.S. economy counts on you to borrow money and stay in debt. But many immigrants were taught not to owe anyone anything. The lack of credit history creates financial obstacles for immigrant communities. 💵 Because your credit score is a sign of how financially trustworthy you are, being on top of your debt is rewarded, while not having debt at all is a flaw. 💵 Many immigrants are stuck in a loop, because building credit history hinges on getting credit but credit approval is dependent on having credit history. 💵 The hyperfocus on credit scores leaves little room to discuss why it's so hard for scoreless (or any other) Americans to afford goods without taking on debt. 💵 Now, many immigrants are teaching their kids to "play the game" and helping them build credit at a young age. |
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