The growing wealth gap in America is a disturbing trend. The wealthiest of Americans are getting wealthier, and the gap is wider than most people realize. With conditions like these, it’s no wonder people are running for payday loans.
Wealth gap is astounding
The gap between the wealth held by the richest 20 percent and the rest of the nation is growing, and it’s significantly larger than a lot of people realize. According to the Los Angeles Times, recent data indicates that the richest 20 percent of Americans hold about 85 percent of the wealth. The poorest 40 percent hold close to zero, and the middle 40 percent have between 14 and 15 percent to split between them. That’s not a lot of payday cash to go around for the 80 percent of the nation. It was also found that most Americans did not realize it was that wide a gap. The study that delved into these issues, done by Edward Wolff of New York University, also revealed that Americans, both liberal and conservative, want the gap to narrow but are mostly opposed to a mandated redistribution.
Americans prefer to work for it
If the study done by Wolff is correct, the typical attitude of Americans is that they do not want anything given to them, but instead want more available opportunities to get ahead. It gets harder to have an opportunity to get ahead if things like credit cards and other debts get in the way. People making their way in the world is difficult indeed if most of a persons’ proceeds from pay day end up going toward debt. Because the costs of so many things — such as college education and medical care — are skyrocketing, it’s no wonder so many people are rushing out for a cash advance or a payday loans.
Obstacles are many
Achieving the American Dream is getting harder for a lot of people. Working life away to pay debt is not something most people envision, but it is something people are encouraged to get into. You can read more in Payday Loan Facts and Statistics Report on Personal Money Market.