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.
Read the Entire Article
Federal Programs Related to - Public, Society Benefit, General/Other
Programs that focus on promoting the effective functioning of government, public administration and public officials and support or provide services required for the effective functioning of society's infrastructure.
Federal Programs Related to - Banking & Financial Services
Programs that provide alternatives to traditional banking systems and/or focus on policy-making, information sharing, research or other activities that relate to financial institutions and services. Banking; Credit Unions; Investment Management; Investments & Securities; Savings & Loans