Hello, Winebbers, my name is Jesse Meekham, and this is podcast number 393 for

Wineab, where we teach you four rules to help you stop leaving paycheck to paycheck,

get out of debt, and save more money. The sneakiest kind of debt may very

well be the payday lending debt and there's a bit of a problem in that we're seeing more and more

companies adopt just that and this is a very nuanced issue. I say that because at first blush you can, well let's just

get into it. So I'm reading in the Wall Street Journal and it was an article dated September 3rd.

Just a little bit ago.

And just a couple things stood out to me on the business and finance section.

The article is titled, Companies Make It Easier to get Payroll Advances.

More companies are helping workers gain access to an employer, to a payroll advances in loans reflecting concern over the impact money

problems are having on productivity levels and worker retention. I could not

agree more. I think if your employees are stressed about their finances it will most definitely

affect productivity. Companies are doing this because they see that effect.

However I think they're digging in the wrong place.

It says Lauren Saunders, associate director of the National Consumer Law Center, said payroll,

advanced services may create a quote cycle of chronic early spending. Early spending is an interesting phrase and it's

the exact opposite of aging your money. If aging your money is saying, well, I earned the dollar and 10 days later I spent the dollar, that dollar was 10 days old,

early spending, as Ms Saunders calls it, is spending money before you get it, before it's even born, so to speak.

Another interesting fact, let's see, Robin McGuffin, a medication technician at Nazareth Home, this is an assisted living home that was featured in the article, says pay active that helps employers with these payroll advances, has helped to avoid late and overdraft fees of as much as $80 a month.

Now that is not news to us at Wienab, we help a lot of people that chronically have overdrafted to stop.

And what, I mean it's awesome.

Those fees are horrifically expensive.

...