Posted by MarkB_MI on June 06, 2015 at 07:16:12 from (70.194.29.9):
In Reply to: Raising $400? posted by Traditional Farmer on June 06, 2015 at 05:18:14:
Taken out of context, that doesn't mean a lot. How much time did they have to raise the $400? Were they allowed to draw on their credit?
I think if you dig into it deeper, you'll find that statistic covers a lot of different situations. Certainly if you ask some homeless person living under a bridge to come up with 400 bucks, they'll think you're crazy. But there are a lot of middle-class folks who live paycheck to paycheck, even if they have a steady job. If an emergency comes along, they plunk down the credit card. It's not as though the emergency causes them any real hardship, but it's the nature of life that every month brings a new crisis, and it's very easy to dig yourself into a hole you can't get out of.
The folks who are really in a bind are the working poor who have no bank account and no easy access to credit. They end up going to payday lenders, who get snare them in a vicious cycle where they are borrowing money every week just to pay off their loan from the previous week.
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