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Skipping Banking institutions: the brand new realm of Prepaid Cards for Victims of tall costs

Skipping Banking institutions: the brand new realm of Prepaid Cards for Victims of tall costs

It started in just one bad check, a few bucks short for a lease payment. However the $35 overdraft cost, plus another $50 belated cost to your leasing business, delivered Betty White down a deep monetary opening. Another check bounced, then another, then another. Because of enough time it absolutely was all over, White owed $600 in costs and bills that are unpaid.

“It was like a snowball effect,” said White, 34, whom earns between $25,000 and $31,000 per year as an assistant that is administrative a Washington, D.C. nonprofit. “Everything had been later, the lease ended up being later, the vehicle note ended up being tossed down, insurance coverage and every thing. It absolutely was simply terrible.