A horrible truth we& #39;re regularly confronted with: How expensive it is to be poor in America.

A dirty secret we rarely discuss: How cheap it is to be rich in America.

A thread... https://abs.twimg.com/emoji/v2/... draggable="false" alt="🧵" title="Thread" aria-label="Emoji: Thread">

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏦" title="Bank" aria-label="Emoji: Bank"> Let’s start with bank services.

$1 Million in your account? Great - you’ll pay no fees and get a great interest rate.

Low balance? Get ready for service and overdraft fees.

No balance? We& #39;ll refer you to a payday lender - a cool 460% APR in CA right now.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🚗" title="Auto" aria-label="Emoji: Auto"> Want a car loan? Options are based on credit score:
– Superprime (850-781): 3.6% APR
– Prime (780-661)): 4.6%
– Nonprime (660-601): 7.6%
– Subprime (600-501): 11.9%
– Deep Subprime (500-300): 14.3%

What makes it hard to keep a high credit score?
You guessed it – poverty.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🏡" title="Haus mit Garten" aria-label="Emoji: Haus mit Garten"> Home ownership also favors the rich, who can qualify for tax deductible low-interest mortgages.

Meanwhile, low income families who can’t afford to pay first & last month’s rent are left to stay in nightly-rate motels, far pricier than renting on a monthly or annual basis.

https://abs.twimg.com/emoji/v2/... draggable="false" alt="🎓" title="Doktorhut" aria-label="Emoji: Doktorhut"> And of course - higher education:

Wealth students can qualify for student loans with $0 upfront

Students from low income families often have to pay for tuition up-front and out of pocket.

(Unless they are a student with @GuildEducation https://abs.twimg.com/emoji/v2/... draggable="false" alt="😉" title="Zwinkerndes Gesicht" aria-label="Emoji: Zwinkerndes Gesicht"> )

Each of these categories is an opportunity for innovation.

To help low-income Americans escape poverty, we need to find ways to lower the costs of being poor.