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How Small Savings Can Replace Small Borrowing

Maria Redin

Everyone is taught that it’s good to save money for a rainy day. And for people with low incomes, “rainy days” come a lot more often. But for a number of reasons, low-income people often struggle to save, leading them to turn to more expensive options like high-interest payday loans.
Recent research from Doorways to Dreams (D2D) shows that a well-designed savings product can dramatically help low-income consumers reduce their reliance on costly short-term credit.

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  • Alessandra Rizzotti

    Fascinating way to think about savings. It's almost like an FSA card. I wonder if their credit is taxed?