It’s expensive to be poor FROM The Economist

Things are even worse in the US than I thought. Here are a few facts according to the article:

1. Many use money orders from a bank which cost $7.00.
2. 8% of Americans have no bank account.
3. Many places charge 2-5% of a check's value to cash it.
4. Payday loans can charge $15 per $100 borrowed.
5. 50% of American households have trouble with an unexpected $400 bill.
6. There are actually "high-cost short-term loans secured against imminent tax refunds."
7. 50% of those earning below $30,000 [luckily!] do not own a smartphone.