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New PEW Report Findings
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Credit, Loans & Debt
New PEW Report Findings
<font face="arial, helvetica, sans-serif" size="1">Learn how to pay down your debt, compare rates of credit cards and get the best interest rate on a loan. Tough economic times call for tough decisions.</font>
According to the new report published by the PEW Research Center, many payday loan customers (69%) use this type of consumer credit to cover everyday living expenses, like rent and
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Cat:827966ee-6d39-4ef7-98a5-0157a43092f8Forum:e6531864-bfc7-433e-b502-f78bb46f08b0Discussion:008d8593-1e82-4b60-9bb2-b39061bf876d
Forums » Money » Credit, Loans & Debt » New PEW Report Findings
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New PEW Report Findings
posted at July 19, 2012 7:08 PM EDT
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Posts: 2
First: July 19, 2012 Last: July 19, 2012 |
According to the new report published by the PEW Research Center, many payday loan customers (69%) use this type of consumer credit to cover everyday living expenses, like rent and groceries. An average borrower takes out 8 loans per annum with an average loan amount of $375. Loan rollovers and renewals are widespread and on an average the borrower is indebted for 5 months out of a year. You are more likely to be a payday loan customer if you are a female, white or African American, without a four year college degree, renting rather than owning your home, earning below $40,000 a year and a separated or divorced parent. As to alternatives to payday loans, there are not many. 81% of respondents said they would delay paying bills and turn to friends and family for money if a payday loan would not be an option. Borrowers in states with interest rate caps (e.g. Georgia) in place do not seem to use payday loans online more frequently than their counterparts living in states with no such regulations. Full PEW Report |
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Re: New PEW Report Findings
posted at August 28, 2012 9:47 PM EDT
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Posts: 36
First: August 26, 2012 Last: September 9, 2012 |
In Response to New PEW Report Findings: According to the new report published by the PEW Research Center, many payday loan customers (69%) use this type of consumer credit to cover everyday living expenses, like rent and groceries. An average borrower takes out 8 loans per annum with an average loan amount of $375. Loan rollovers and renewals are widespread and on an average the borrower is indebted for 5 months out of a year. You are more likely to be a payday loan customer if you are a female, white or African American, without a four year college degree, renting rather than owning your home, earning below $40,000 a year and a separated or divorced parent . As to alternatives to payday loans, there are not many. 81% of respondents said they would delay paying bills and turn to friends and family for money if a payday loan would not be an option. Borrowers in states with interest rate caps (e.g. Georgia) in place do not seem to use payday loans online more frequently than their counterparts living in states with no such regulations. Full PEW Report Posted by ColeenO Payday loans are a ripoff, borrow from your friends, and save a little money each payday. |
Forums » Money » Credit, Loans & Debt » New PEW Report Findings
