The absence of a savings account can lead to a severe financial setback as soon as tomorrow. Unexpected expenses will come out of the blue. And what happens if you’re not able to pay for these expenses? Many people resort to the quick fix, which is a pay day loan.
According to the Center of Responsible Lending, the average person ends up trapped in a payday loan for over a year with the average interest rates on payday loans are over 400 percent!
We want to make sure this ever happens to you. Use the basic savings account at HopeSouth to start your emergency savings. It may seem like an impossible task, but having the will power to stick to a strict budget and controlling your spending will save you hundreds, perhaps thousands of dollars (and a whole lot of stress) when life happens.
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