CNN came out with a report last year, which mentions the steep rise in the costs of raising a child. According to this report, the estimated expense on each child between birth and 18 years of age now stands at $227,000. This is 40 percent more than what it was a decade back. Of course, not just the cost of raising a child, the costs of almost everything has gone up steeply in the last few years. You are in trouble if your salary of earning hasn’t increased by this much at least.
Unfortunately, that has not happened with a lot of Americans. They are thus very close to the poverty line, trying desperately to make the ends meet. They desperately look for money at the end of the month to pay off the bills and meet other commitments. Many don’t have a credit card, or even a bank account. Rarely will they get a loan, except for a payday cash advance. Payday loans are small-dollar loans, which they can repay next month, so it’s not a problem. They would be in real trouble without this help.