James Gutierrez Talks About How to Improve Low-Income Situations
Many challenges have come about because of COVID. Currently, the wealth gap in the U.S. is becoming more evident. James Gutierrez mainly focuses on inclusivity, and he wants to create platforms that will help seal the wealth gap.
As per the statistics by the U.S. Federal Reserve, the numbers are not as pleasing, taking into account that the tax system is regressive. The wealthiest people in the U.S. are paying fewer taxes as compared to other individuals.
How to Fix the Broken System
Currently, people have had enough. Instead of rioting for the government to implement some changes, James Gutierrez believes that a better approach will come in handy. For instance, a responsible firm will focus on, according to low-income households, the assistance they need such that they’ll gain from being in situations that are more stable. Some government regulations should also be implemented to support each of these changes.
Financially stable people are the ones who have access to banking relationships, credit, and loans. According to James Gutierrez, it is expensive to be poor. As a social entrepreneur, he has managed to observe each of these issues.
For instance, as you apply for an insurance policy for your car, you should know there is a non-standard and standard type. The non-standard type is meant for people with a poor credit score, or they have none. Some of these people may also fail to have a driving license, and they will pay more for the insurance policy.
If you want to apply for a loan and your credit score is wanting, the interest rates will be higher. You’ll then have a hard time paying for the loan, considering that you’re not financially well-off.
Fortunately, some organizations have extended a helping hand to the low-income earners, and they currently have access to different financial opportunities thanks to Oportun and Aura; these firms have made use of innovative forms of technology to ensure each consumer has a credit score.