Monday, February 9, 2009

Creative Families Turn to Payday Loans, "Found Money"

Payday loans only one source of extra cash

With the traditional lending market in so much trouble, people are turning to payday loans and other forms of credit to meet their financial needs. A lot of families have come up with creative ways of coming up with extra money, and one good example is the Humpherys from Staten Island, New York.

The family of four has made a hobby of collecting “found money“ from hallways, parking lots, sidewalks — anywhere and everywhere they go.

Short-term finds, long-term hobby

The Humpherys are Mom and Dad — Barbara and Scott – and two daughters: Brianna, 11, and Karen, 7. The parents have come up with a very creative way of teaching their children the importance of money. Traditional financial education covers subjects like interest rates and types of credit, like payday loans.

In the Humpherys family, financial education includes braving a freezing day in New York to scour a parking lot for pennies. It’s a hobby Barbara has been diligent about since college.

Picking up the pieces

Barbara says it all started three and a half years ago, when she saw 7 cents lying in the hallway of her college.  Since then, the family has developed a “fanatical devotion” to picking up change. Barbara even updates her blog every day saying how much change they found that day. Here’s an excerpt:

Today we found a total of 32 cents - three dimes and two pennies in spite of the freak snowstorm that crippled our post-workout plans this evening. ... click here to read the rest of the article titled "Creative Families Turn to Payday Loans, "Found Money""

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