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What Are the Consequences of Missed Payments on Consumer Debts?
In order to understand better how the unfolding economic crisis is likely to affect U.S. households, this Chicago Fed Letter looks at what happens when borrowers miss debt payments and how long it takes for them to face a severe adverse consequence, such as foreclosure, wage garnishment, or repossession.
Newsletter
What are the consequences of missed payments on consumer debts?
In order to understand better how the unfolding economic crisis is likely to affect U.S. households, this Chicago Fed Letter looks at what happens when borrowers miss debt payments and how long it takes for them to face a severe adverse consequence, such as foreclosure, wage garnishment, or repossession.
Newsletter
New Evidence on Where Payday Lenders Locate Their Storefronts
Payday lenders offer short-term, small-dollar, and high-interest consumer loans. Consumers get payday loans primarily from state-licensed storefront locations—of which there were an estimated 13,700 nationwide in 2018—where loans have a median amount of $350 and typical fees equate to an average annual percentage rate (APR) of almost 400%. Unlike traditional financial institutions, such as banks and credit unions, there is no centralized national database on the location of payday lender storefronts.
Newsletter
New Evidence on Where Payday Lenders Locate Their Storefronts
Payday lenders offer short-term, small-dollar, and high-interest consumer loans. Consumers get payday loans primarily from state-licensed storefront locations—of which there were an estimated 13,700 nationwide in 2018—where loans have a median amount of $350 and typical fees equate to an average annual percentage rate (APR) of almost 400%. Unlike traditional financial institutions, such as banks and credit unions, there is no centralized national database on the location of payday lender storefronts.