Anyone else read this one? I thought this was super interesting. It's about the use of check cashers and payday lenders by people who are loosely "middle class."
It's easy to think that they should be using banks, but their increasing use of fees makes that more complicated. People use alternative services because they find them to be a better value and get the services they need (like your money today, not in five days when the check hold clears).
She goes on to describe attempts to give people what they need at lower cost--innovative companies working on things like alternate credit scores and faster check cashing--things that big banks aren't really interested in.
I thought it was thought-provoking. Sure, people should plan ahead, but to some extent, being able to do so comes from privilege.
What do you guys think?