The Top Reasons for Payday Loans May Surprise You
Consumers report pressing need to cover basic expenses
A recent survey sponsored by nonprofit DebtHammer indicates that consumers are struggling in an inflationary economy.
Among the key findings: Consumers are using payday loans to cover basic expenses like groceries and utility bills.
According to the survey:
About 23% said they’ve had to use a short-term loan to cover basic expenses. The most common reasons cited were to buy groceries (27.59%) and pay utility bills (30.34%). Other reasons cited included gasoline, car repairs, mortgage or rent payments, medical bills, student loans or child support and alimony.
I wrote recently about one other solution to the inability to afford groceries — Buy Now, Pay Later:
The survey also indicates that roughly a third of Americans have fallen three months behind on at least one bill:
34% of Americans have fallen three or more months behind on at least one bill, which…
