One of the few lending options available to the poor may soon evaporate if a new rule proposed June 2 goes into effect. The Consumer Financial Protection Bureau (CFPB) announced the rule with the aim of eliminating what it called “debt traps” caused by the US$38.5 billion payday loan market.
However, will it?
Microfinance has been celebrated as a way to get money into the hands of poor people, and most famously women, so they can jump-start small businesses. These tiny loans with minimal requirements to borrow have become a global phenomenon.
In today’s world, it’s easy to be left with an empty bank account, confused and wondering where your money went. If you’re like most people, your daily spending habits aren’t helping you. Here are five everyday habits that end up leaving you poor:
1. Spending More Than You Have
Consumer credit growth rates reached 60% in September on a surprising surge in credit card debt, just as fears of an interest rate hike are causing credit to get more expensive.
Total revolving debt in the United States rose by 8.7% year-over-year in September after rising just 5.3% in August. September’s unusually sharp rise in credit usage surprised forecasters, who had expected 2015’s moderate pace of about 5.5% growth in revolving debt to sustain itself, or moderately increase.
Why should we repay our debts? Why do we borrow in the first place? In addition, why do some people, despite intense feelings of obligation and shame, default?
Worldwide, and especially in the global South where, as researchers Mosa Phadi and Claire Ceruti have said, “everyone is now middle class”, and people are not willing – as they once might have been – to think of themselves as belonging in a low and stigmatised social bracket, these questions have taken on particular relevance.
How important are looks and appearance when it comes to snagging that dream job? Research has shown that attractive people do better at job interviews, increasing their chances of a gaining employment. In monetary terms, experts have tried to suggest that the attractive people earn a “lifetime difference” of $230,000 more.
How exactly can we define beauty? Is beauty only skin deep?
