You need cash to pay an important bill, and you haven’t got it. What do you do?
Many Americans turn to payday loans to fill this gap, even though the interest rates are staggering – an average of nearly 400% APR.
A recent survey by CNBC Make It and Morning Consult found that all generations use payday loans. While 11% of all Americans have taken out a payday loan over the last two years, millennials (22 to 37 years old) and Generation Xers (38 to 53 years old) rely on payday loans the most. Thirteen percent of both generations have taken out payday loans over the past two years, compared to 8% of Generation Z (18 to 21 years old) and 7% of baby boomers (54 to 72 years old).
A disturbing percentage of young Americans have at least considered the idea. Over half of millennials (51%) have considered a payday loan – not…