As per a study revealed by the Center for Financial Services Innovation, more than half of the Americans report that their expenses are either equivalent to or greater than their current income. For people between the age of 18 and 25, the percentage is around 64%. CEO and President of CFSI, Jennifer Tescher says that almost majority of the Americans are lacking a financial cushion and they’re living close to the edge. 96% of those who are in knee-deep debt are stressed about their personal financial situation and this kind of stress even has adverse health impacts. 
What makes us struggle?
Are we overspending? Or is the gig economy not working for us? Individuals can still do enough hard work to curb their expenses but as per what Jennifer has to say, the results reveal something more vivid than individual spending. Housing is an area where people are spending an outrageous amount of money and transportation costs are even going up while their wages sadly remain the same.
One more reason is irregular income as more than 45% of those who spend more than their income have volatile income. Their income varies from week to week or even from month to month. In fact, studies reveal that families go through income volatility 5 months in an entire year and during the volatile months; their income can range from $1250 in one month to $750 in the next.
Is there a way out of the rut?
There are new financial tools like payday loans which help people manage their finances in the most effective manner, especially when they go through mid-month financial contingencies. There are even companies which let you get a portion of your pay ahead of your payday but which is not a payday loan. Tescher is of the opinion that no amount of tech tools can create magic for the cash-strapped individuals.
One of the greatest political dogfights currently is regarding the payday loan industry. By watching what people do and what economists say, more than 10 million Americans wish to gain access to payday loans in one single year. Then there is also the CFPB or the Consumer Financial Protection Bureau which through its Dodd Frank Bill, laid down rules that would restrict access to such loans. After introducing the new rules, the CFPB says that the rules would possibly stop 84% of the present market.
Taking out a payday loan – Why should you go for them?
Mid-month financial crisis is very common among the Americans, thanks to their reckless spending behaviors. Whenever they fall short of funds in the middle of a month, they take resort to different options like payday loans, car title loans and other pawn shop loans which can give them immediate cash. While you can get paycheck loans in Tulsa OK which can get approved in minutes, let’s check out the reasons to take resort to such loans. 
payday loan
1. You get cash immediately: Where else would you turn to if you required few hundred dollars instantly? Would it be your friends or family members? No, money is not always readily available with them. Should you turn to a bank? What if they force you to go through the lengthy application process? When you don’t have time, payday lenders are the best option for you.
2. If you compare costs payday loans can be lower: So, when you have debt which requires being repaid, compare the cost of obtaining a short term loan as against the cost of missing payment on the debt. Check the loan information by your state and the costs and fees of a payday loan. Choose one which has comparatively low costs.
3. There’s no credit check: The lenders won’t even check your credit history before lending the loans and this loan won’t appear on your credit history until you fail to repay the loan.
So, as we see, there is a series of structural challenges in our nation which need to be addresses as soon as possible. We have to do away with the stigma of talking about money issues and also make it clear that too many people are struggling to make ends meet. Taking out loans to repay debt is more like fighting fire with fire approach towards your finances. Hence, take all the necessary steps to stop accruing debts and continue saving money.

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