Borrowers utilize payday advances for ordinary expenses perhaps maybe not economic emergencies, claims research

This short article first starred in the St. Louis Beacon, July 18, 2012 – Pew scientists are finding that many borrowers whom remove pay day loans utilize them to pay for ordinary cost of living, maybe not unanticipated emergencies — a discovering that contradicts industry marketing that emphasizes payday advances as short-term choices to protect economic emergencies. Relating to a report that is newWho Borrows, Where They Borrow and just why,’’ the typical debtor takes…