Using friends, not banks

June 18, 2013 | Last updated on June 18, 2013
1 min read

Some people don’t store their money in conventional banks. But they’re not stuffing their mattresses or cookie jars.

Instead, friends and savings groups help them manage their spending habits by holding their funds, as well as by lending them money when they come up short for bills and expenses, reports

It adds people can avoid bank or interest fees this way, though they also can’t build up credit. Most often, people who can’t apply for loans or credit depend on this kind of financial support system.


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