More millennials are switching to payday loans and bad credit loans online pawn shops for necessary money — techniques that will offer immediate relief, but frequently bring about deeper financial obligation.
That’s based on a brand new research on millennials and economic literacy by the worldwide Financial Literacy Excellence Center at George Washington University. The analysis features simply how much millennials have a problem with individual finance: of these surveyed, 42 % had utilized an alternative solution monetary solution, a broad term that features automobile name loans, taxation reimbursement advances and rent-to-own items, within the 5 years before the research. Continue reading “Exactly why are millennials switching to pay day loans and pawn stores?”