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Pay day loans not only a person’s issue that is poor

Pay day loans not only a person’s issue that is poor

A group of scientists led by faculty during the University of Georgia discovered that cash advance borrowers usually originate from center- and higher-income households, not only poor or lower-earning populations.

Mary Caplan, an associate professor when you look at the class of Social work on UGA, led a study that analyzed a nationally representative dataset from the Federal Reserve Board’s 2013 Survey of Consumer Finances.

The study had been administered among 6,015 U.S. households, and it also includes details about earnings, retirement, investing, financial obligation therefore the utilization of monetary solutions.