[Lately I’m low-income, but with good cash reserves and good credit, which makes all the difference in the world. -e]<\/p>\n
Life is expensive for America\u2019s poor, with financial services the primary culprit, something that also afflicts migrants sending money home (see article<\/a>). Mr Martin at least has a bank account. Some 8% of American households\u2014and nearly one in three whose income is less than $15,000 a year\u2014do not (see chart). More than half of this group say banking is too expensive for them. Many cannot maintain the minimum balance necessary to avoid monthly fees; for others, the risk of being walloped with unexpected fees looms too large.<\/p>\n