Consumer Interests Annual
Do payday loan customers form a growing share of bankruptcy petitioners, as many media reports claim? This paper attempts to answer that question and others by analyzing a sample of 3600 bankruptcy petitions filed in selected U.S. counties. From the petitions we can determine the share of debtors that files with payday loans; whether that proportion has been increasing in recent years; how these petitioners compare to other debtors; and whether payday loans are a significant factor in the financial crisis these debtors experience.
Mayer, R. "Payday Lending and Personal Bankruptcy." Consumer Interests Annual 50, 2004.
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© American Council on Consumer Interests, 2004.