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"We realized we couldn't afford the mortgage and the car payments and everything," Stonestreet told me. Americans work more, vacation less, spend more on healthcare, and die sooner than people in other high-income economies. These factors likely explain why some Americans are moving to countries that aren't generally considered low-cost-of-living locales. She said that living abroad afforded her a degree of flexibility and spontaneity that would be out of reach back home. From their temporary perch in Tirana, Albania, the couple told me via WhatsApp that their only regret about moving abroad was not doing it sooner.
Persons: Amelia Basista, Stonestreet, Basista, Maliya, I'm, Fale, scoping, Cristina Johnson, Johnson, Mariana, Dustin Lange, that's, Mariana Lange, Mark Zoril, Andrew Hallam, Zoril, hasn't, — Zoril, Tomorrow's Organizations: State Department, American Citizens, Monmouth University, Labor Statistics, Financial Technology Association, Business Locations: South America, Denver, Cuenca, Ecuador, Germany, Canada, France, Minneapolis, Latin America, America, Puerto Morelos, Mexico, Pennsylvania, Belize, States, Austin, North Carolina, Central America, Portugal, Spain, Lisbon, Europe, Tirana, Albania
Fotostorm | E+ | Getty ImagesMillions of American workers are paying for early access to their paychecks. So-called "earned wage access" programs, which operate either directly to the consumer or through employers, let workers tap a portion of their wages before payday, often for a fee. Earned wage access has gotten more popularEarned wage access goes by various names: daily pay, instant pay, accrued wage access, same-day pay and on-demand pay, for example. "It's another version of payday loans," Monica Burks, policy counsel at the Center for Responsible Lending, a consumer advocacy group, said of earned wage access. However, a recent study by the U.S. Government Accountability Office found that earned wage access products "generally cost less than typical costs associated with payday loans."
Persons: it's, Marshall Lux, Lux, hasn't, Cherie Chung, EarnIn, MoneyLion, Monica Burks, , Thad Peterson, There's, EWA, Peterson, Harvard's, we're, Stacy Greiner, Dave, Ben LaRocco, Miranda Margowsky, Margowsky, Atif Siddiqi, Siddiqi, Safwan Shah, Shah, doesn't, Harvard's Chung Organizations: Harvard University, Finance, Harvard Kennedy School, Lux, Harvard, Hilton, Uber, Walmart, Companies, Center for, California Department of Financial Protection, Center for Responsible, U.S, Government, Office, GAO, Datos, Commerce, Economic, Financial Technology Association Locations: Kroger, McDonald's, California, Vermont
Some consumers are using services like PayPal, Venmo, Cash App and Apple Pay for direct deposit of paychecks, or simply storing lots of cash in them. Payment apps, however, are not federally insured on the institution level. PayPal Holdings (PYPL), which owns both PayPal and Venmo, did not reply to a request for comment Friday. “Tens of millions of American consumers and small businesses rely on payment apps to better spend, manage, and send their money. The agency also noted the payment apps make money by investing funds their customers store on the apps, similar to how banks invest their customers deposits.
Persons: Rohit Chopra, Organizations: New, New York CNN, PayPal, Financial, Bureau, Valley Bank, Signature Bank, Bank, PayPal Holdings, Financial Technology Association Locations: New York
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