Never thought I would see an article with payday in the title written by Schwarzenegger and Clinton. They're advocating more national support to help people get bank accounts so there isn't so much dependency on payday loans and check-cashing businesses.

I found some of their statistics interesting:

More than 20 million Americans cash more than $60 billion in checks each year at check-cashing businesses.

Approximately 11% of California households do not have a checking account. And nearly half of households in the state don't have a savings account.

It's hard to believe that many people don't have checking and savings accounts. But that would explain why I see so many of those check-cashing and payday loan businesses.


 

Submitted: Jan 25, 2008    Views: 247    Comments: 0    Likes: 2   


View Article: http://online.wsj.com/article/SB120113610711211855.html?mod=todays_...


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