Merchant cash advances can be higher: They charge annual rates up to 70%, collecting a slice of credit-card receipts in return for a lump sum.

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But some firms, most famously Matsushita, a big electronics manufacturer, have introduced a new scheme in which employees waive the lump sum at retirement in return for a higher salary.

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Whenever someone in the working poor or middle class receives a large sum of money, such as a tax return, he will usually spend all of that money.

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