We thank the editor, Robert DeYoung, an anonymous referee, Todd Gormley, Mark advance cash payday loan Maine Jenkins, Paul Landefeld, Donald Morgan, Nick Roussanov, Luke Taylor, and Jeremy Tobacman for helpful feedback, in addition to seminar participants during the Wharton class, the GW/FRB/GFLEC Financial Literacy Seminar plus the Consumer Expenditure Survey Microdata Workshop. I will be grateful to Jimmy Lee, Ryan Pfirrmann‐Powell, Geoffrey Paulin, Arcenis Rojas, yet others within the Division of this Consumer Expenditure Survey in the Bureau of Labor Statistics for help accessing the private Consumer Expenditure Survey files, and I have always been grateful to Paul Amos for the Wharton GIS lab for advice about GIS. The Jay H. Baker Retailing Center during the Wharton class supplied good financial help for the project before the author’s work with all the Federal Reserve.The analysis and conclusions expressed in this paper are the ones regarding the writer and don’t necessarily mirror the views associated with the Board of Governors for the Federal Reserve System, its users, or its staff. This research ended up being carried out with restricted use of Bureau of Labor Statistics (BLS) data. The views here don’t always mirror the views for the BLS.
Abstract
In this paper, We show that high‐cost credit helps households smooth usage after periods of short-term distress that is financial. After experiencing distress—that is, extreme weather events—I realize that access to high‐cost payday lending mitigates declines in general investing and nondurable items spending generally speaking. The outcomes are especially concentrated among households with an increased tendency to utilize credit that is payday that have actually restricted alternatives: low income households, households with significantly less than a college level, and households with lower levels of preserving. These outcomes highlight the consumption‐smoothing part that high‐cost credit plays for households with restricted usage of other forms of credit.
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