Survey: What happens if your paycheck is delayed?
March 19, 2008 | alternatives, customers, industry, research | Comments (0)A survey from the National Payroll Association found that 67% of Americans would have a difficult time meeting their current financial obligations if their next paycheck were to be delayed one week.
Food for thought for policymakers who want to limit short-term credit options.
If faced with unbudgeted expenses, consumers choose between not paying certain bills, borrowing from friends/family/church, taking a cash advance on a credit card, borrowing from a bank or credit union (if they’ll lend a few hundred bucks) or taking an advance from a payday lender.
Comments»
No comments yet.