Essays on Consumer Finance

Essays on Consumer Finance

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I find no evidence that payday loans alleviate hardship. On the contrary, the results indicate that loan access leads to increased incidence of difficulty paying mortgage, rent and utilities bills; moving out of one's home due to financial troubles; and delaying needed medical care, dental care and prescription drug purchases. I also find strong evidence that bounced check prices are higher when payday loans are available, as well as weak support for the conclusion that overdraft fees rise when loans become available. Finally, the results indicate that depositories expand their short-term credit offerings by initiating overdraft lending in response to payday loan prohibitions.Borrowing by Consumers with Self-Control Problems While loans provide flexibility in managing current consumption, ... choose to borrow, even when doing so raises the likelihood of future financial distress.6 For example, consumers whoanbsp;...

Title:Essays on Consumer Finance
Author: Brian T. Melzer
Publisher:ProQuest - 2008

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