Here's how to provide fast COVID-19 relief to people who need it the most:
“Every bank account would have added to it a line of credit, at low interest, backed by the federal government. The credit line would be the sum total of all deposits made to the account in January and February. This bases the credit line on account holders’ pre-Covid-19 revenue streams, not their bank balances or creditworthiness, allowing them to borrow as needed.”
Kling thinks the program should last for a specified period of time after which the checking account holder would have to cover any credit provided in order to avoid a penalty. HeAccording to Kling, “The government doesn’t have to impose mortgage forgiveness, utility bill forgiveness, car payment forgiveness, and so on. People can use their credit lines to pay their bills.
The demographics and financial behaviors of the “Overdrafters” shows why a national overdraft protection plan makes sense.Across a range of financial health measures, consumers who overdraw on their accounts lag consumers who don’t. Nearly six in 10 consumers with no overdrafts consider their financial health to be decent or excellent. That percentage declines as the number of overdraft fees paid rise to just 18% among consumers with three or more overdraft charges.These perceptions are borne out by their financial behaviors and situations.
Just 10% of consumers who paid three or more overdraft fees have sufficient savings to cover emergencies and six months living expenses, in contrast to nearly half of the consumers who paid no overdraft fees. Consumers with two overdrafts aren’t doing much better—just one in five can cover emergencies and six months of expenses.
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