For Better and for Worse?
Effects of Access to High-Cost Consumer Credit
Federal Reserve Board,
2016
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Recommendation
Debt is an important aspect of American life, but economic theory diverges on the consequences of credit access to human well-being. Economist Christine Dobridge specifically looks at the impact of payday loans – small, short-term, high-interest loans – on US households in this brief but informative study. Should these loans, which some critics consider predatory lending, face stringent regulation or prohibition? Or do they actually serve a useful purpose that justifies allowing people access to them? getAbstract recommends this astute report to policy makers and financial services professionals for its insights into the payday lending market.
Take-Aways
About the Author
Christine L. Dobridge is an economist with the Federal Reserve System.
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