Percentage of Nonbank Credit Use Rise among US Households

credit: Planet Save

A 2009-2011 statistical analysis finds that the percentage of US households that used high-cost nonbank credit has increased.

Nonbank credit includes payday, pawnshop, rent-to-own and reimbursement loans. The nonbank credit users are identified as "older, non-minority, more educated, married couples, and those with incomes above $50,000." Nonbank credit funds are often used to cover the expenses of basic living necessities.

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