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CNN Asks, Is Debt Worse Than Slavery?

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THE CONTINUING SAGA OF DEBT
DailyFeed
Tonight, CNN will run a 90 minute documentary called “Almighty Debt” that will attempt to answer the question: Is debt the new slavery?

Central to the piece is whether or not “the black church [can] help African Americans overcome the disproportionately negative impact they've experienced in unemployment, income growth, home ownership, foreclosures and educational attainment during the recent economic crisis,” reports Daily Finance.

“There’s no question to me that debt is a bigger problem than racism,” says Pastor DeForest Soaries, leader of First Baptist Church of Lincoln Gardens in Somerset, N.J.

“We still do payday loans, rent-to-own,” he adds in the documentary. “When I’m paying last month’s bills with next month’s check, that’s slavery. When I’m writing a check hoping that it doesn’t bounce…then I’m living in financial bondage.”

Preview below:


POSITION:  No positions in stocks mentioned.
TAGS:  DEBT    SOURCE:   Daily Finance

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