Indebted - Debt and Race in America

Welcome to the Season One finale of Indebted ! Our episodes have focused on exposing how debt harms Black people and the entire economy—but people are fighting back. There are reasons to hope for a better, debt-free future. In this episode Maurice is joined by four heavy hitters in the fight against debt and its roots in systemic racism. They discuss the many approaches to tackling these problems,...

While municipalities in America don't leverage debt in quite the same way an individual or family does (i.e. they can't put it all on a credit card or step into a payday lending office), they still find themselves needing to spend on long-term projects they can't afford through standard taxation. Enter municipal bonds, a type of loan that in ideal circumstances provides stable interest rates and p...

The "world's richest man," Elon Musk, purchased Twitter (since renamed X) for $44 billion in 2022. It's estimated he holds $13 billion of that amount as debt from bank and other loans, a sum the average working class person would obviously face severe repercussions for. He didn't have the liquid cash for the purchase and the company only generated $4 billion in revenue in 2022, but he was given lo...

When someone finishes a prison sentence, we often say they've "paid their debt to society." But financial debt doesn't stop chasing us if we find ourselves interacting with the criminal justice system. People charged with crimes who can't make bail can find themselves in jail awaiting trial for weeks and months, unable to work. Or they may need to take out costly bail bonds so they can get out of...

No one gleefully spends on medical expenses. These unplanned costs land on people in vulnerable moments. Adding to the stress, many if not most in the US are un- or under-insured. The result? A whopping 85% of people with credit reports hold healthcare debt. Medical costs are so high and unpredictable that people often find themselves seeking emergency care at the latest possible moment in hopes o...

You are being graded and given a score based on a multitude of financial details in your life, whether you like it or not. Rent and billing history, loans, credit card purchases... every financial move you make. Of course we're talking about what's known as your FICO Credit Score. And all the data you never agreed to have surveilled? It was hacked and stolen back in 2017 due to a data breach of on...

The cost of higher education and the debt we take on for the chance at a better life is one of the most ubiquitously felt financial burdens of American life. But any way you slice it, Black and brown borrowers come out worse off than their white counterparts, often carrying significantly more debt for longer periods and getting less return on their educational investment. With the net cost of this...

Our cities are covered with storefronts and ads for payday loans. These are businesses promising a short-term cash advance loan to cover an emergency leading up to your payday. More often than not these types of loans lead to a downward spiral of debt for their disproportionately Black and Latinx customer base, thanks to the exorbitant interest rates they're allowed to charge vulnerable people wit...

Convergence is pleased to announce the launch of our new podcast Indebted . In this opening episode, a most unexpected first piece of mail addressed to his newborn son is the catalyst that sets host Maurice BP-Weeks off into exploring the world of debt and how it's leveraged against Black Americans. After exploring the landscape of his own debt and his experiences with it, Maurice talks with Debt...

Welcome to Indebted , a 10-part, weekly exploration of debt and race in America. This new podcast from Convergence is hosted by economic and racial justice organizer Maurice BP-Weeks . The series begins with his new baby’s first piece of mail: a $4000 hospital bill. Subscribe now to hear the series premiere, Thursday, September 21st.