Study: Nearly 40 percent of South Carolinians struggle with banking

Image courtesy of at FreeDigitalPhotos.net — Image courtesy of Stuart Miles at FreeDigitalPhotos.net

In June 2013, the FDIC sponsored the third National Survey of Unbanked and Underbanked Households to collect data on the number of U.S. households that are unbanked and underbanked, their demographic characteristics, and their reasons for being unbanked and underbanked.

This survey was conducted by the U.S. Census Bureau as a special supplement to the Current Population Survey (CPS).

In South Carolina, the study proved to be rather eye-opening.

According to the FDIC, nearly 40 percent of South Carolinians are “unbanked” or “underbanked.”

This means that many people in the Palmetto State heavily rely on payday loans, check cashing, money orders and pawn shops to get by financially.

Mercedes Garcia from Master Your Card appeared on The Bryan Crabtree Show to discuss alternatives and what the study says about South Carolina.

To read the study in its entirety, click here.