You live on a limited income, paycheck to paycheck. Now your next paycheck is in jeopardy, because your car won’t start. What to do?
There’s that payday lending store around the corner, so you go take out a loan and buy a new battery for your car. You give the lender a post-dated check for the amount of the loan, plus interest and fees. The lender cashes your check after you get paid. Done deal, right?
Not always, according to David Gray with the Louisiana Budget Project.
The gap between rich and poor in Louisiana is continuing to grow steadily, according to an analysis of the latest Census figures.
In the Bayou state, the top 20 percent made 9 times more than the bottom 20 percent in 2010. Based on that measure, the Center on Budget and Policy Priorities and the Economic Policy Institute rank Louisiana as the sixth worst state for income inequality.