The Great Recession has technically ended, but Americans are still feeling the effects of a sluggish economy. Thankfully, many have found jobs, but at the cost of a decrease in pay in order to make ends meet, making it more difficult for these individuals to participate in the mainstream economy. The term used to describe this situation is “underbanked” and is defined as a person that may still have a checking or savings account but relies upon alternative financial services (payday loans, check cashers, title loans, and pawn shops) to pay bills.
Do you manage your money without a checking or savings account, or are considering closing those accounts due to new fees? Perhaps you’ve had to use one of the alternative financial services mentioned above? Comment below and share your opinion on the state of banking choices in America.