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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.


Author Posting. © American Council on Consumer Interests, 2004. This article is posted here by permission of the American Council on Consumer Interests for personal use, not for redistribution. The article was published in Consumer Interests Annual, Volume 50, 2004.

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Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.