Dr. Eowyn posted: " Christopher Matthews reports for Time, Jan. 30,
2014, that according to a report out Thursday from the Corporation for
Enterprise Development, nearly half of Americans are living paycheck to
paycheck, in a state of "persistent economic insecurity," wh" Respond to
this post by replying above this line
New post on *Fellowship of the Minds*
<http://fellowshipoftheminds.com/author/eowyn2/> Nearly 1 of every 2
Americans live paycheck to
paycheck<http://fellowshipoftheminds.com/2014/01/31/nearly-1-of-every-2-americans-live-paycheck-to-paycheck/>
by
Dr. Eowyn <http://fellowshipoftheminds.com/author/eowyn2/>
[image: paycheck to
paycheck1]<http://fellowshipofminds.files.wordpress.com/2014/01/paycheck-to-paycheck1.jpg>
Christopher Matthews reports for*
Time*<http://business.time.com/2014/01/30/nearly-half-of-america-lives-paycheck-to-paycheck/>,
Jan. 30, 2014, that according to a
report<http://assetsandopportunity.org/scorecard/> out
Thursday from the Corporation for Enterprise Development, *nearly half of
Americans are living paycheck to paycheck, in a state of "persistent
economic insecurity," *which makes it difficult for them to look beyond
immediate needs and plan for a more secure future. The CFED calls these
folks "liquid asset poor."
Living paycheck to paycheck means that if the individual loses his/her job
or if there's an emergency that requires extra cash, he/she and the entire
household are in trouble.
The report finds that *44% of Americans are living with less than $5,887 in
savings for a family of four.* Given the fact that 56% of Americans have
subprime credit scores, this means that for those who live paycheck to
paycheck, *if emergencies arise, they are forced to resort to high-interest
debt from credit cards or payday loans.*
________________
According to
Bankrate<http://www.bankrate.com/finance/credit-cards/rate-roundup.aspx>'s
latest survey of interest rates, *the average annual percentage rates, or
APR, for credit cards* are:
- 15.38% for variable-rate credit cards
- 13.02% for fixed-rate credit cards
According to PaydayLoansOnline
Resource.org<http://paydayloansonlineresource.org/average-interest-rates-for-payday-loans/>,
*payday loans* typically range from approximately $100 to $1000, depending
upon your state's legal minimum. The average loan time is two weeks, after
which time you would have to repay the loan along with the fees and
interest you accrued over that period. These loans *usually cost 400%
annual interest (APR), if not more. *And the finance charge to borrow $100
ranges from $15 to $30 for two week loans. These finance charges are
sometimes accompanied by interest rates ranging from 300% to 750% APR. For
loans shorter than two weeks, the APR can be even higher.
________________
Even worse, the CFED found that it isn't just the lower classes who are
plagued by economic insecurity. *One-quarter of middle-class
households*also fall into the category of "liquid asset poor."
Geographically, most of the economically insecure are clustered in the
South and West, with Georgia, Mississippi, Alabama, Nevada, and Arkansas
being the states with the highest percentage of Americans who are
financially insecure.
[image: paycheck to
paycheck]<http://fellowshipofminds.files.wordpress.com/2014/01/paycheck-to-paycheck.jpg>
*~Eowyn*
*Dr. Eowyn <http://fellowshipoftheminds.com/author/eowyn2/>* | January
31, 2014 at 10:58 am | Tags: average credit card interest
rate<http://fellowshipoftheminds.com/?tag=average-credit-card-interest-rate>,
Corporation for Enterprise
Development<http://fellowshipoftheminds.com/?tag=corporation-for-enterprise-development>,
liquid asset poor
<http://fellowshipoftheminds.com/?tag=liquid-asset-poor>, payday
loan interest
rates<http://fellowshipoftheminds.com/?tag=payday-loan-interest-rates>|
Categories:
Economy <http://fellowshipoftheminds.com/?cat=17656840>, Obama's
America<http://fellowshipoftheminds.com/?cat=12285619>,
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States<http://fellowshipoftheminds.com/?cat=5850>| URL:
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