What Money Says When Money Talks
I am a bill collector for one of the ten largest banks in North America. It is human nature to spot patterns, and ere are a few I have noticed. Women, especially women under the age of 30, generally have a higher delinquency rate and much higher debt balances than their male counterparts. In general, North American women, regardless of ethnicity, are more likely than men to:
Owe money to more than one institution and have higher delinquency rates. Be out shopping, discover they can’t use a credit card because they are maxed out, and phone in to ask for an increase in their credit line. Get upset while discussing their sizable debt and their options for repayment. Want to chat about other things for a really, really long time. Why they would want to prop their feet up, get comfortable, and talk interminably with a bill collector is beyond me. Have a male attached to the debt as an authorized user and dismiss the balance as “his responsibility.” I don’t think I will ever hear these words: “I am in charge of making the money and my husband is in charge of spending it.”
What about different ethnic groups? As an African, I take no joy in writing this, but most Africans, besides having high balances, aren’t even interested in discussing solutions. They aren’t rude; they just seem less concerned about solving their problems even if they are facing bankruptcy. Because they aren’t interested in solutions, meetings and conversations with Africans are over quickly. Certain Asians groups, particularly the Japanese and the Chinese, are seldom delinquent and detest being so. They stick together, and it is not unusual to see almost a dozen names on just one mortgage. It seems clear to me that their tribal loyalty plays some role in their financial stability. Indian, Pakistani, and Moroccan men have a curious tendency to try to make things personal, and to manipulate the situation to cast themselves as innocent victims.