So… that means 43% can barely make ends meet! They need OPTIONS!
Why Households Must Have Access to a Multitude of Choices for Solving Financial Emergencies.
The choices that should be maintained and fought for by humans, voters, politicians 🙂 , lawyers 🙂 ?
Payday loans, installment loans, line-of-credit loans, car title loans, Buy Now Pay Later, Early Access to Wages, collateralized loans [pawn, crypto, art, NFT’s, collectibles, cars, real estate, future earnings…]
- 57.2% of working Americans are in occupations where the median pay is greater than the living wage for families with two working adults and a child. This percentage jumps to 65.3% for one adult living alone, but plummets to 21.7% for one adult with a child.
- The District of Columbia offers the best chance for two working adults with a child to earn a livable wage. In D.C., 75.4% of workers are in occupations that pay more, on average, than the local livable wage of $20.69 per working adult. North Dakota (71.0%) and Alaska (70.9%) are second and third, respectively.
- In four states, less than 50% of workers are in living wage occupations suitable for two working adults and a child. In California, 46.9% of workers are in professions that pay more than the local livable wage of $21.76 per working adult — worst across the U.S. Arkansas (47.6%), Hawaii (48.4%) and Louisiana (49.7%) join California as the others below 50%.
- Even in the most uncomplicated household structures — one adult living alone — between 20.1% and 49.1% of people aren’t in occupations where most workers make above the living wage, depending on the state. In North Dakota, 79.9% of people work in professions that pay more than the livable wage of $13.08 for single adults, versus 50.9% in Hawaii at a livable wage of $19.43.
What’s this mean? OPPORTUNITY! Done right, lending $$ to the masses is doing the right thing for them, for you, for your employees, for your community.
Know that each of the massive, publicly-traded lenders [think Enova, Curo, Elevate, World Acceptance…] only have a maximum of 3% of our industry. And a few are currently lending to subprime consumers at $300,000,000 per quarter! Unthinkable!!
Read the original @FastCompany Report HERE.