Racial/Ethnic Differences on Payday Loan Delinquency Rate: Evidence from 2007 and 2010 Survey of Consumer Finances (SCF)

Okechukwu D. Anyamele

Advances in Management and Applied Economics, 2014, vol. 4, issue 6, 1

Abstract: This study examined the differences in household payday loan delinquency rates of the racial/ethnic groups. The study uses combined data from 2007 and 2010 surveys of consumer finances(SCF). The study found that payday loan borrowers are more likely to be delinquent than non-payday loan borrowers. 11.84% of payday loan borrowers were delinquent compared with 2.28% for non-payday loan borrowers over the same period. Also, Payday loan borrowers are more likely to have missed a payment in the last 12 months. 8.3% of payday loan borrowers reported missing a payment in the last 12 months compared with 1.8% of non-payday loan borrowers who missed a payment over the past 12 months. The study found that African Americans and Hispanics have higher payday loan participation rate than whites and Asians over the study period.

Date: 2014
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.scienpress.com/Upload/AMAE%2fVol%204_6_1.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spt:admaec:v:4:y:2014:i:6:f:4_6_1

Access Statistics for this article

More articles in Advances in Management and Applied Economics from SCIENPRESS Ltd
Bibliographic data for series maintained by Eleftherios Spyromitros-Xioufis ().