March 14, 2005. No. 253.
Sources & Sites for Community Building.
Libraries can provide people with information on economic literacy.
The Poor Pay More.
CREDIT CARD CRUSH
Change from 1989 to 2001 in the number of families with incomes less than $10,000 who own a credit card and carry a balance from month to month: +72 percent.
FRINGE FINANCE FIESTA
Growth in the number of pawn shops operating nationwide from 1986 to 2003: +142%.
Ratio of “payday lending” outlets currently operating nationwide versus the number of these outlets operating in the early 1990s: more than 100:1. Average annualized interest rate of a payday (short-term cash advance) loan: 470 percent.
Amount a western Massachusetts bank charged a new customer in 2003 for “bounce protection” fees after she overdrew her balance by $98.25: $180 in the first month.Amount this customer would have paid if her account had traditional overdraft protection through a line of credit (rather than bounce protection): $1.50.Number of banks nationwide now offering bounce protection: nearly 3,000.
HEALTH CARE [MONEY] HEMORRHAGE
Percentage of income Americans earning less than $10,000 per year spend on health insurance premiums, out-of-pocket medical expenses, and wage deductions for employer-sponsored health coverage: 23.
United for a Fair Economy
raises awareness that concentrated wealth and power undermine the economy, corrupt democracy, deepen the racial divide, and tear communities apart. We support and help build social movements for greater equality.