A Better Alternative to Payday Loans
“More than 50 million Americans in low-income working families struggle to manage everyday cash flow. That means they have the resources to pay monthly bills but can’t handle small financial shocks or timing mismatches because they lack the savings buffer the more affluent take for granted. Most lack access to reasonably priced credit and can’t stretch out medical, home and auto expenses over time. The result is a damaging cycle of reliance on high-cost payday loans, auto-title loans and bank overdrafts that often leads to financial ruin. While interest groups squabble over whether more or less regulation is the answer, people suffer.”