More young Americans – even those earning between $50,000 and $75,000 – are using payday lenders, prepaid debit cards and …
check cashing
What Do You Think the CFPB Should Crack Down On?
A consortium of consumer groups led by the National Consumer Law Center submitted a detailed comment letter to the Consumer Financial Protection Bureau. It’s a wish list of sorts, a round-up of shady business models and practices that part unsuspecting Americans from their money.
Think Bank Fees Are Bad? Try Living Without a Bank
One writer recently spent a month avoiding banks: She paid bills with money orders, used prepaid cash cards for everyday expenses, and cashed her paychecks at check-cashing stores. Oh, and she paid a total of $93 in fees during her bank-free experiment.
Yikes! Lots of People Trust Pawn Shops and Check-Cashing Operations More than Banks
Why? Mostly because you know upfront exactly how much you’ll pay for the services of a check-cashing company, and there’s no chance of being on the hook for fees after the transaction is done. A bank account is more complicated, requiring the customer to maintain a certain balance—or at least something more than a negative …
Word of the Day: “Unbanked”
The growing list of hard-times, recession-era words and phrases like mancession and recession porn welcomes a new member: “unbanked.” If the word applies to you, you might be paying nearly 1000% interest on short-term loans.
