What makes millennials switching to payday advances and pawn stores?

What makes millennials switching to payday advances and pawn stores?

More millennials are switching to pay day loans and pawn shops for necessary money — moves that will offer instant relief, but usually bring about deeper debt.

That’s based on a study that is new millennials and economic literacy because of the worldwide Financial Literacy Excellence Center at George Washington University. The analysis shows simply how much millennials have trouble with individual finance: of the surveyed, 42 % had utilized an alternate service that is financial a broad term that features car name loans, taxation reimbursement advances and rent-to-own items, within the 5 years before the research. (more…)

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