Promoting Banking Services among Low-Income Customers
March 18, 2009
Many low-income people rely on payday lenders, check cashers, and other alternative financial service providers to get by. But the high costs make it hard for families to save. A 2008 Brookings Institution report highlights the reasons that the socalled unbanked turn to such services. It also suggests solutions−including both expanded bank offerings and increased access to government programs that stabilize incomes and reduce the need for emergency, high-cost credit.
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Rebecca M. Blank
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