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Trump driving higher income Americans to max out credit cards — for food
['Adam Lynch']
Alternet.org
Last year, more than 1 in 3 working-age adults used credit cards to buy groceries — and many of them had trouble paying them off.”
“The same report found that even among high-income working-age adults using credit cards for groceries, many experienced repayment challenges,” said Singletary.
And a quick note on “payday loans,” if you don’t already know: With a payday loan, a borrower promises to repay the funds with their next paycheck.
In just 19 states with available data, more than 1 million children have been cut from SNAP food assistance since the law passed, according to a blog post by the center this month.”
“Consumers forced to rely on microloans via Buy Now, Pay Later plans, predatory payday loans, or credit for basic sustenance are a warning sign for the entire economy.”