According to a new study, poor people in Kentucky actually pay more for everyday expenses than their wealthier counterparts.
The study from the Brookings Institution says low-income families are likely to have more expensive mortgages, higher interest rates on their car loans and costlier auto insurance. The report also found that poor people often pay more for their groceries, furniture and appliances.
"Some of the highest prices for basic necessities in Kentucky are in its poorest areas, including the Appalachian region," the report reads.
Terry Brooks, executive director of the Kentucky Youth Advocates, says companies across the state could help by finding "innovative ways" to offer poor people loans with lower interest rates.
(Copyright 2007 by The Associated Press. All Rights Reserved.)