urban institute nonprofit social and economic policy research

The Rising Use of Nonbank Credit among U.S. Households: 2009-2011

Read complete document: PDF

PrintPrint this page
Share on Facebook Share on Twitter Share on LinkedIn Share on Digg Share on Reddit
| Email this pageE-mail
Document date: June 15, 2013
Released online: July 17, 2013
Between January 2009 and June 2011, through the depths of the Great Recession and the initial sluggish recovery, the percentage of U.S. households that had ever used high-cost nonbank credit rose from 11.8 to 14.2 percent. This includes payday loans, pawnshop loans, rent-to-own agreements, and refund anticipation loans. The demographic composition of nonbank credit users also shifted, toward population segments normally considered economically advantaged: older, nonminority, more educated, married couples, and those with incomes above $50,000. Reflecting the broadly-based financial stress among households nationally, 45 percent of nonbank credit users needed such funds for basic living expenses versus unexpected needs.

Topics/Tags: | Economy/Taxes | Poverty, Assets and Safety Net

Usage and reprints: Most publications may be downloaded free of charge from the web site and may be used and copies made for research, academic, policy or other non-commercial purposes. Proper attribution is required. Posting UI research papers on other websites is permitted subject to prior approval from the Urban Institute—contact publicaffairs@urban.org.

If you are unable to access or print the PDF document please contact us or call the Publications Office at (202) 261-5687.

Disclaimer: The nonpartisan Urban Institute publishes studies, reports, and books on timely topics worthy of public consideration. The views expressed are those of the authors and should not be attributed to the Urban Institute, its trustees, or its funders. Copyright of the written materials contained within the Urban Institute website is owned or controlled by the Urban Institute.

Email this Page