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Most of us would never dream of paying 300-600% per annum for a loan. Yet every year between two and four percent of the U.S. population does just that, by taking out a high-cost credit product such as a payday loan. Others take out expensive title loans. What would you expect the general demographic characteristics of the payday and title loan users to be? Would they be primarily middle-income Americans or people closer to the poverty level? Would they be primarily homeowners or renters? This article describes the demographic characteristics of high-cost loan users by reporting on studies done by others, as well by reporting on our study analyzing bankruptcy data for debtors who filed in New Mexico between 2007 and 2011.

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Loyola Consumer Law Review



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