Without turning this into a racist post/thread...there's a pile of demographic/culture issues at play.
- Questionable primary education (most of these guys weren't graduating top of their class in academic honors)
- Probably grew up dirt poor and feel a compulsive need to spend on themselves and their family
- Have parents/relatives/friends with questionable ethics that con them into bad monetary decisions
- A subculture that embraces shiny trinkets and over the top ridiculous spending on stupid things (jewelry, clothes, tricked out cars, ect)
It's just a train wreck of issues that add up to a really unfortunate outcome.
Also: strong distrust of banks, investment--any type of institution that represents the establishment.
There is some serious history to this, of course, and the perpetuation of this attitude is generally brought on by parents and elders that grew up in a world where you truly could not trust these systems to do a god damn thing for you but steal whatever you gave them.
Sadly, the payday loan and check cashing industry preys, almost exclusively, on this stigma that black culture rejects the banking system. That is not to say that it's a black-only thing--just about any impoverished person in the sticks, heck, tons of farmers have bad history with the banks.
...and most of us are getting a nice helping, these days, of how the banks are really only out to screw everyone else over.
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