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

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  • Okechukwu D. Anyamele

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.

Suggested Citation

  • Okechukwu D. Anyamele, 2014. "Racial/Ethnic Differences on Payday Loan Delinquency Rate: Evidence from 2007 and 2010 Survey of Consumer Finances (SCF)," Advances in Management and Applied Economics, SCIENPRESS Ltd, vol. 4(6), pages 1-1.
    • Handle: RePEc:spt:admaec:v:4:y:2014:i:6:f:4_6_1
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