Payday Loan Times

News About the Ever Changing Payday Advance Industry

Consumer Debt Escalates as Individuals Consider Payday Loans

Filed under: Consumer Debt, National — J.J. Cameron at 8:17 am on Saturday, July 1, 2006

The debt situation in America isn't pretty. There's little wonder why payday loan use has been on the rise when you consider the following:
- As of April, consumer debt through commercial banks was increasing at an annual rate of 6 percent, according to the Federal Reserve.

- Credit card debt in the United States rose by about 70 percent in the last decade, according to the Center for American Progress.

- Household debt is at a record high (121.2 percent) as a percentage of disposable income.

- Families have cashed out more home equity than ever before, the center reported.

- From 2001 to 2004, the proportion of families carrying a credit card balance rose 1.8 percentage points, to 46.2 percent.

- From 2001 to 2004, the proportion of families that reported that they had saved in the preceding year fell 3 percentage points.

Financial problems continue to escalate. Some may think the use of no faxing payday loans would contribute to these difficulties, but others see them as a way out. 

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