ABC News Nightline America's Working Poor

ABC News tells the story of Chris Merchant, who makes $8.50 an hour at an herb-packing plant. His fiance Eryn makes about $99 a week as a baby-sitter, when she's not taking care of their own two boys, aged one and three. The pair's combined household income amounts to $18,000 a year -- below the federal poverty line. Even with housing assistance, Medicaid for the kids, and occasional help from a social services agency, the Merchants live with the fear of becoming destitute. They talk about a sense of powerlessness over their own lives. Next viewers meet Susan Curry, who works a series of full- and part-time jobs all year, while trying to juggle her four children, ages 11-19, and maintain her house on $20,000 a year. Tax time for people in her income bracket comes early, in January or February, when they qualify for a tax credit because of their low-income status. So when H & R Block started running announcements saying people could come collect their refund and have it processed within two days, she went right away. But the devil is in the fine print: the refund is, in fact, a loan, with an interest rate between 75 and 400 percent. Although those details are laid out on paper, many working poor often miss reading them. Susan feels targeted because of her precarious financial situation and her desperate need for cash. Lastly, ABC News profiles Lisa Engelkins, a single mother caught in another typical loan scheme: payday loans. This are considered "predatory lending:" money lent in two week terms by check cashing outfits who charge between 400 and 600 percent interest annually. Lisa Engelkins rolled over her $255 loan 35 times, and ended up paying $1200 in fees.

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