PAYTOO Mobile Wallet ™ wants to share with you this interesting article from The Huffington Post wrote by Bill Bartmann.
The Huffington post highlighted in its latest article that “Financial exclusion significantly increases the risk of poverty. Consequently, the economy — and we as taxpayers — shoulder a burden for the fact that such a large number of households are either unbanked or underbanked and are driven to high-cost alternative financial services that consumes a disproportionate amount of their resources. (…) There is a saying about how expensive it is to be poor. Ironically, the less money you have, the more it costs you to manage and move it. Unbanked and underbanked families rely heavily on alternative financial services such as check cashers, payday loans, tax refund anticipation loans, pawn shop loans and auto title loans.
There are over 48,000 alternative financial service establishments that retail these high cost financial products, collecting about $89 billion annually in fees and interest. The average full-time worker without a bank account can spend $40,000 over the course of his or her lifetime just to cash paychecks.”
Read the full article at http://www.huffingtonpost.com/bill-bartmann/financial-exclusion-why-the-poor_b_7001914.html