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When one in five households does not have a bank account, the blanket application of the modern GOP's theories of how we are to live, or a poster's assumption of "people do what I do every day" is going to fall short...
Why store your money in a bank when the return on investment is .01% ?
Why was it decided/assumed that just because households don't have bank accounts that's a bad thing? Maybe people have money in other places...or are with non-traditional banks because they are fed up with the big banks.
marathongirl, it really isn't the 8.1% who are completely without a bank account that's the telling problem. It's the 28% that either don't have an account or are using 'payday loans' of one sort or another. These people can only be said to be living pay-check to pay-check at the very best. In reality they are behind the pay-check to pay-check lifestyle. They may not be living beyond their means from a only spending what they are earning perspective, but they certainly don't have a buffer of savings to survive a job displacement or health emergency.
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