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Why Do People Take Out Payday Loans?

by | Nov 22, 2013 | Debt Relief, Debt Settlement, Payday Loans

From the desk of lead San Francisco attorney Alison Cordova

A recent study by Pew Charitable Trusts shows that most payday loans are being used to pay for every day expenses, not unexpected medical bills, education expenses, or emergency break-down costs as the payday loan companies like us to believe.

A whopping two thirds of payday loans are reportedly taken out to cover basic, ongoing living expenses. Only 16% of payday loans are put towards emergencies.

This is quite scary. It means that payday loans are increasingly bridging an economic gap between working American’s income and expenses.

The full article and an info graphic can be found here: https://www.cashadvanceonline.net/why-borrow-payday-loans/#

If you are struggling to pay your basic living expenses, contact a debt settlement attorney who can help you get rid of excess bills without incurring the exorbitant interest rates of payday loans.

 

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.