NJ Bodega Money - New York News

NJ Bodega Money

Posted: Updated:
Paterson, New Jersey (My9NJ) -

Bodegas are essentially corner stores mostly found in urban areas. They are essential to many communities because they are open late, they aren't afraid of dangerous neighborhoods, and some even lend credit!

Jose Fernandez is the President of the Bodega Federation, who says that for some communities, bodegas are the only form of banking. He says, "By giving them credit without charging a higher price, we don’t charge interest rate, we just wait for the payment for them to pay us at the end of the week." He says that bodegas offer an indispensable service to communities that don't have access to traditional banks and who are having trouble making ends meet at the end of the month.

Many of New Jersey's cities have areas called "food deserts," where access to healthy inexpensive food is difficult to find. Areas, like Newark, Jersey City, Asbury Park, and East Orange, all rely heavily on bodegas and corner stores, because grocery stores haven't moved into their neighborhoods.

At first glance, this seems like an exceptional addition to the community, but that may not be the case. Researcher Hanaa Hamdi, from University Of Dentistry and Medicine of New Jersey, explains her findings from a study conducted in Newark's South Ward. She says Bodega’s price gauging is actually the problem behind the credit lending scheme. Her study found that bodegas and urban stores charged 40% more at the beginning of the month when neighborhood residents receive their wage checks and/or food stamps.

Dr. Hamdi says, "So they run out of money, then the grocers will extend credit, and the credit comes with an interest- so not only are they paying for the 40% increase, but there is also interest attached to it.“

Mr. Fernandez explained why prices fluctuate during the month. He said that some products come with prices on the labels and those prices don't change; however, “most companies don’t do that, they give a price and then we have to deal with the changing of the price.” All-in-all they are "not much more expensive than grocery stores.”

  • Chasing New JerseyMore>>

  • Port Authority’s $90 Million Improvement Plan

    Port Authority’s $90 Million Improvement Plan

    Thursday, July 24 2014 10:34 AM EDT2014-07-24 14:34:14 GMT
    At the latest Port Authority board meeting, Executive Director Patrick Foye announced that there are new plans to spend $90 million to improve the bus terminal. The much needed renovations will start by cleaning the bathroom lavatories and improving cellphone and Wi-Fi service throughout the terminal. Recently, commuters have been extremely boisterous about their discontent with Port Authority’s conditions including bus service in and out of the station. 
    At the latest Port Authority board meeting, Executive Director Patrick Foye announced that there are new plans to spend $90 million to improve the bus terminal. The much needed renovations will start by cleaning the bathroom lavatories and improving cellphone and Wi-Fi service throughout the terminal. Recently, commuters have been extremely boisterous about their discontent with Port Authority’s conditions including bus service in and out of the station. 
  • Christie Campaigning For Some Republicans, But Not All

    Christie Campaigning For Some Republicans, But Not All

    Thursday, July 24 2014 10:21 AM EDT2014-07-24 14:21:09 GMT
    On Monday Governor Christie was working on behalf of the Republican Governor’s Association promoting a GOP primary candidate for the gubernatorial race in Connecticut where he was asked if he will also be campaigning for Rob Astorino who will be the Republican candidate running for Governor of New York against current Governor Andrew Cuomo.
    On Monday Governor Christie was working on behalf of the Republican Governor’s Association promoting a GOP primary candidate for the gubernatorial race in Connecticut where he was asked if he will also be campaigning for Rob Astorino who will be the Republican candidate running for Governor of New York against current Governor Andrew Cuomo.
  • StubHub Security Breach

    StubHub Security Breach

    Thursday, July 24 2014 10:20 AM EDT2014-07-24 14:20:32 GMT
    StubHub, which is a website that provides services for buyers and sellers for tickets to sporting events, concerts, and other live entertainment events, has been hacked. StubHub is getting a lot of bad press, but the site is really the victim here. The hackers have hacked accounts from other sites, and then used that information to get into the StubHub accounts.
    StubHub, which is a website that provides services for buyers and sellers for tickets to sporting events, concerts, and other live entertainment events, has been hacked. StubHub is getting a lot of bad press, but the site is really the victim here. The hackers have hacked accounts from other sites, and then used that information to get into the StubHub accounts.
  • Local NewsLocal NewsMore>>

  • Port Authority tells store to drop 9/11 items

    Port Authority tells store to drop 9/11 items

    Tuesday, July 29 2014 7:03 AM EDT2014-07-29 11:03:21 GMT
    A well-known Manhattan housewares store has been ordered to stop selling merchandise associated with the Port Authority of New York and New Jersey. The agency says Fishs Eddy is "unfairly reaping" a benefit from an association with the Port Authority. It singled out dinnerware items decorated with depictions of the twin towers, the new World Trade Center and Lincoln and Holland tunnels, all labeled with the Port Authority's name.
    A well-known Manhattan housewares store has been ordered to stop selling merchandise associated with the Port Authority of New York and New Jersey. The agency says Fishs Eddy is "unfairly reaping" a benefit from an association with the Port Authority. It singled out dinnerware items decorated with depictions of the twin towers, the new World Trade Center and Lincoln and Holland tunnels, all labeled with the Port Authority's name.
  • Scenes for "Girls" to be shot as SUNY New Paltz

    Scenes for "Girls" to be shot as SUNY New Paltz

    Tuesday, July 29 2014 6:13 AM EDT2014-07-29 10:13:09 GMT
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
    Some scenes for the HBO series "Girls" will be shot at the State University of New York at New Paltz.  The series star and creator Lena Dunham will reportedly be directing scenes Tuesday afternoon on the campus 75 miles north of New York City.
  • Pregnant woman says officer put her in choke hold

    Pregnant woman says officer put her in choke hold

    Tuesday, July 29 2014 5:57 AM EDT2014-07-29 09:57:51 GMT
    Back from vacation, Mayor Bill de Blasio is addressing the allegations of police choke holds. Standing next to his police commissioner and standing by him, de Blasio declared police community relations will improve by Bill Bratton's call for retraining of officers. The mayor did say that police choke holds are not acceptable.
    Back from vacation, Mayor Bill de Blasio is addressing the allegations of police choke holds. Standing next to his police commissioner and standing by him, de Blasio declared police community relations will improve by Bill Bratton's call for retraining of officers. The mayor did say that police choke holds are not acceptable.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices