Paying for the Holidays
- Safe Checking in the Electronic Age
- Safe Small-Dollar Loans Research Project
- Prepaid Cards Research Project
- Contact Samantha Lasky 202.540.6390
- December 3, 2012
As the holiday shopping season takes off, consumers are turning to a variety of financial management tools. View our slideshow and learn more about Pew’s research on hidden bank fees, the growing use of prepaid debit cards, and the actual duration of payday loans that are marketed as two-week products.
To learn more about Pew's work in consumer financial security, please read the following reports:
Still Risky: An Update on the Safety and Transparency of Checking Accounts
Loaded with Uncertainty: Are Prepaid Cards a Smart Alternative to Checking Accounts?
Payday Lending in America: Who Borrows, Where They Borrow, and Why?
- Contact:
- Samantha Lasky | 202.540.6390
- Projects:
- Safe Checking in the Electronic Age, Safe Small-Dollar Loans Research Project, Prepaid Cards Research Project
- Issues:
- Prepaid Cards, Checking & Banking, Credit & Lending
- States:
- National
Related Resources
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Today
Payday Loans: Who Uses Them and Why?
Follow the story of Jennifer, a typical payday loan customer who takes out a cash advance and ends up borrowing from her parents to pay it back, an option she could have used initially, instead of taking out a loan. more
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May 9, 2013
Payday Loans Explained
Twelve million Americans take out payday loans every year, but there are still misconceptions about how they are actually used. Follow the story of Jennifer, a typical payday loan customer, who takes out a cash advance on her paycheck to make ends meet, but ends up paying more than $500 in fees. more
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- Media Coverage
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Akron Beacon Journal: Convenient Trap
The Pew Charitable Trusts issued a report on payday-loan borrowers in February that said: “The choice to use payday loans is largely driven by unrealistic expectations and by desperation. Borrowers perceive the loans to be a reasonable short-term choice but express surprise and frustration at how long it takes to pay them back.” more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Philadelphia Inquirer: CFPB: Payday Loans Leading to 'Revolving Door of Debt'
Short-term "payday" loans, and similar "deposit advance" loans offered by major banks, are trapping many consumers in a "revolving door of debt," according to a study due by the Consumer Financial Protection Bureau. The CFPB's study echoes findings in a February report by the Pew Charitable Trusts' Safe Small Dollar Loans Research Project. more
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- Media Coverage
- Safe Small-Dollar Loans Research Project
Los Angeles Times: Bill Would Limit Number of Payday Loans to Any One Borrower
A bill before the California Legislature would restrict the number of payday loans to any one borrower — an attempt to break the "debt cycle" that ensnares some of the state's poorest residents. more