The car payment is due in seven days. The electric bill is past due. The cable service has been shut off. You need to go to the doctor, but you’re uninsured.
You also found out that your house needs significant repairs. You’ve hit your credit card limit, and your next paycheck doesn’t come for another week and a half.
These challenges are all too familiar in the United States of America. In the midst of an unprecedented stock market rally and record-low unemployment, many Americans still struggle to meet their financial needs. CNBC reports that roughly 40% of Americans can’t handle a $400 emergency. Anyone can fall behind on these recurring bills, and unexpected expenses can make the financial constraints even worse. Payday loans are used to bridge the gap between paychecks, but end up making a cash-flow issue worse due to their usurious interest rates. Financial disaster can happen to anyone in the United States.