Federal Reserve Board Survey Looks at Changes in U.S. Family Finances
April 7, 2009 | industry, research | Comments (0)For the first time, the Federal Reserve Board’s Survey of Consumer Finances, collected information on payday loans and asked whether a family member had taken out a payday loan in the past year. They defined payday loans as a loan “that was supposed to be repaid in full out of that person’s next paycheck.”
Specific to payday lending, the survey found:
- A very small percentage of U.S. families have used a payday loan (2.4%)
- Younger families are more likely to use payday loans
- Families use payday loans for emergencies or other urgent needs
- Payday loans are used most often by low and middle income families
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