The Perils of Banking (And Maybe a Solution)

Uh oh

Uh oh

I'm not good with money. Let's get that out of the way first. I am, however, cheap and simple in what I spend my money on. 

I drive a 2007 Toyota Yaris. I don't have the fanciest tech. I like to keep things simple. But let's be real about my financial situation. I come from the kind of privilege where I did not graduate into debt, I have never needed to help a family member out with a little loan, and my parents have always been quick to helping out in any financial situation. This, I know, is nearly unheard of in the US today. 

3/4 of US Americans live paycheck to paycheck. Budgets are tight. People are stuck if a minor emergency happens. So what shall they do? Many can't get a loan from a traditional bank and end up going to pay day lenders. It's at this point that they become sucked into a death spiral of debt. No wonder my Mom waved her fist at check cashing/pay day lending places when we drove by them. They are downright evil. They prey on the poor, the destitute, and the desperate. But what if there was another way. 

Now, in light of the first sentence of this blog post, I will now send you over to The Nation with their fine reporting. 

In the East End, I am excited that St. Paul's members like Harry McMahan cares about the under banked community and the needs of financial literacy. Way to go Harry!