What Is The High Cost Of Being Poor?

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The Poor do not Need Everyone’s Money, Only the Wealthier’s Social Capital and Mobility There are many social issues that affect individuals across America every day. One of the major social issues affecting individuals in America is poverty. Poverty is a social issue that individuals view differently depending on their own bias of cultural capital. Poverty impacts an individual in many different ways and creates what some might call a certain “way of life.” There are certain aspects pertaining to the negative effects of poverty and at the same time the positive effects of poverty for an individual’s life. When trying to understand a social issue such as poverty, viewing the issue through the lenses of sociological imagination perspective is imperative. This …show more content…
Poor people often pay more for things such as loans, and being turned away due to poor credit. In a journal titled “The High Cost of Being Poor” by Gorman, Peter states that “Unfortunately, many poor people, living paycheck to paycheck, are forced to make choices that create more debt. Welfare reforms instituted in 1996 are hitting home with a vengeance, housing programs are being cut back, and financial institutions--from banks to credit card companies--are finding new ways to add fees and jack up rates. Worse, an overhaul of bankruptcy laws that just was enacted into law makes even that extreme measure more difficult to use and considerably more expensive” (Gorman). This statement explains how program funding is being cut back, credit card and other financial institutions are finding ways to penalize and increase rates, and even bankruptcy has become a luxury that the poor cannot afford. The poor and those who have been raised in poverty such as myself, are rich in debt and poor in capital, cultural capital, and social

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