Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
President Trump also said he is "not looking for a partial deal" with Beijing, moving away from his suggestion last week that he would consider an "interim deal."Politicsread more
Progress on trade talks will determine how far market will move above new highs.Trader Talk with Bob Pisaniread more
"Sure, the trade war's taking its toll on business ... it's just not taking its toll where it was supposed to," Jim Cramer says.Mad Money with Jim Cramerread more
Joe Biden called on President Donald Trump Friday to release the transcript of a call with a foreign leader that is the subject of a whistleblower complaint. Biden described...Politicsread more
For investors taking a breather from the chaos in August, buckle up as the market is about go crazy again, Goldman Sachs warned.Marketsread more
Palantir Technologies is targeting a valuation of at least $26 billion in a private fundraising round, the first for the Peter Thiel-backed data analytics startup in four...Wall Streetread more
Michael Pack, a conservative filmmaker linked to Steve Bannon, saw at least $1.6 million in donations from his nonprofit sent into the coffers of his independent production...Politicsread more
The New England Patriots released Antonio Brown just 11 days after signing the wide receiver. The NFL Super Bowl champion team initially had kept him in the face of a rape...Sportsread more
Poor credit is a serious problem for low-income Americans.
Options for borrowing are limited, and people with poor credit pay more in fees when they do borrow, said Margery Austin Turner, senior vice president for program planning and management at the Urban Institute.
"Understanding credit and how to safely build credit is critical," Turner said in a webinar hosted by the Urban Institute. It can make a dramatic difference in people's financial futures, and help "move them out of poverty and into financial security."
Turner and a panel of policymakers explored some of the myths and facts about credit, and why options for low-income Americans should be expanded.
Better credit is key to helping low-income Americans keep more of the money they earn, rather than spending it on higher fees, Turner said.
Wealthier people have access to resources that can help manage credit issues, such financial planners, said Bob Annibale, global director of Citi Community Development and Inclusive Finance.
Poor credit leaves people behind: "It's not part of an inclusive, growing society," Annibale said. "People need a financial identity."
"If you don't have a credit card or an installment loan, you're not going to generate a score," said Ricki Granetz Lowitz, CEO and co-founder of Working Credit, a nonprofit that offers a financial education benefit to employees.
But many people who are struggling with the combination of low income and access to credit incorrectly believe that they should avoid credit altogether. They are, in fact, good money managers, Lowitz said, who want to use money prudently.
"What's so frustrating is that a lot of the best money managers hate the thought of having debt, having a credit card," Lowitz said. "If you can help this population establish credit without going into debt, they could do so quickly."
"The racial wealth gap is real," said Brenda Palms-Barber, executive director of the North Lawndale Employment Network. "Bridging that gap could improve the quality of life for folks in general."
Palms-Barber said it's more than likely that improving people's lives in poorer communities would have a ripple effect, resulting in stronger families and reduced crime. "When our communities do better, our country does better," she said.
More from Personal Finance:
Need help with your boss? Try this simple HR secret method
If you spent too much this summer, do these five things to boost your finances
Choosing your first health insurance plan? Here's what you need to know