Money to the Masses

Financing inequality

Events in recent weeks have challenged us all to reflect upon society and the racial prejudices that exist within it. I have spent the past few weeks researching the role that the financial system plays in creating and maintaining inequality and how it disadvantages black members of our society.

In this week’s podcast, titled "Black economics matters", I shine a light on the clear economic disadvantages faced by the black community. I look at how the financial system exacerbates inequality and what needs to be done differently if we are going to ensure lasting change.

Money to the Masses was built to challenge the inequality that exists within the financial services sector and I hope this week’s podcast does that.
Enjoy this week's newsletter.

Damien Fahy founder

Damien Fahy & MoneytotheMasses are regularly quoted in the national press including
Money to the Masses Podcast
Episode 276 - On this week's show I discuss black economics and the role the financial system plays in creating and maintaining inequality. It is only by acknowledging the problem and the uncomfortable questions it raises that the financial system can play its part in ensuring systemic change.
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Damien's Midweek Markets Podcast
Episode 65 - The latest episode of my DIY investment podcast where I discuss what is happening in investment markets. This week I talk about the recent stock market volatility and what is likely to have caused it.
on iTunes     on Android     on Spotify     via RSS
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Damien explains whether loans or credit cards are better when looking to make a long term purchase.

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💸 4 easy ways to clear your credit card debt 💸⠀

1️⃣ Always pay more than the minimum⠀

The average credit card debt in the UK sits at around £6,400 with an average interest rate of 17.43%. These stats should hopefully make you feel a bit better about your own credit card debt and it is important to understand that you are not alone. When it comes to monthly repayments, most people opt to pay the minimum, however, this can prove costly.⠀

Using our example above, if you only paid the minimum repayment each month (starting at £150 per month, then reducing to £149 the following month and so on) it would take you a whopping 33 years and 4 months to clear your credit card⠀

However, if you fix the monthly repayment amount at £150 (assuming you can comfortably afford this each month) you will clear the balance in just 5 years and 4 months, plus you'll save over £5,000 in interest!⠀

2️⃣ Prioritise expensive debt⠀

If you have debt spread across multiple cards, organise the debt in order of priority e.g paying off the card with the highest interest rate first. Set a direct debit to pay the minimum (or a low fixed amount that you can afford) on the other cards and pay as much as you can off of the expensive card first (within budget).⠀

3️⃣ Budget⠀

Categorise your spending to see where your money is going each month. This will allow you to see what you could potentially cut back on to save money. There are numerous apps out there now that can help make budgeting easier including Monzo, Starling and Emma. Check out our article 'best budgeting apps' for more information. (link in bio)⠀

4️⃣ Do a balance transfer⠀

Transferring your credit card balance onto a 0% credit card will allow you to clear the debt over a series of months without paying any interest. Transferring the balance usually comes with a small fee (around 3%) but it will prevent you from paying the high-interest fees on your current card.

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Funds invest in shares, bonds, and other financial instruments and are by their nature speculative and can be volatile. You should never invest more than you can safely afford to lose. The value of your investment can go down as well as up so you may get back less than you originally invested. Tax rules can change and benefits depend on individual circumstances.

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