Download No Slack: The Financial Lives of Low-Income Americans by Michael S. Barr PDF

By Michael S. Barr

The monetary obstacle lay naked how the economic system failed the country yet left hidden the various ways that that approach nonetheless fails the main susceptible american citizens. during this quantity, Michael S. Barr explores how low- and moderate-income families deal with monetary rigidity, use monetary providers to make ends meet, and infrequently arise short.

Reporting at the empirical result of an in-depth survey of 1,000 families in metropolitan Detroit, Barr reveals that high-cost monetary providers, obstacles to saving, loss of coverage, and credits constraints give a contribution to poverty and different socioeconomic difficulties. He describes how families try and triumph over those boundaries, juggle costs and borrowing each month, and locate how one can keep. the writer exhibits, for instance, how tax refunds for operating households might be a huge street for saving yet are frequently diverted in no small half to pay for pricey refund anticipation loans or money cashing services.

No Slack describes using banks in addition to replacement monetary companies prone, reminiscent of cost cashers, payday creditors, pawnshops, and so forth. relatively salient in mild of the nation's housing trouble, the writer additionally explains what percentage low-income and minority families got high-cost, complex mortgages.

Barr analyzes how technological innovation, rather cost playing cards, might help triumph over obstacles to monetary companies for those families. He then explores how insights from behavioral economics can give a contribution to personal zone and governmental projects to enhance monetary companies for families and bring about higher monetary prone rules. The ebook concludes with a suite of coverage suggestions to enhance shopper safeguard and monetary entry as we rebuild our economic system within the years ahead.

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Additional resources for No Slack: The Financial Lives of Low-Income Americans

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The next most common place where the unbanked cash checks was grocery and other stores: 56 percent of unbanked households report such a strategy. More than 30 percent of unbanked households use check cashers, and more than 15 percent of the unbanked sign over their checks to a family member or friend. In paying bills, unbanked households cannot use personal checks, automatic payment through a bank, online payment using a credit card, or payment over the phone with a credit card. Instead of such services, 63 percent of unbanked households use money orders, 53 percent pay in cash, and 45 percent visit a payment center in person.

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