New findings: teenage boys will be the biggest users of pay day loans

New findings: teenage boys will be the biggest users of pay day loans

Brand New figures show, that 63 per cent of payday advances among young adults involving the many years of 18 and 29 are applied for by guys – and in accordance with personal economist in Danske Bank, Louise AggerstrГёm Hansen, which can be the start of a downward spiral that is financial. That is a primary reason why economic self-confidence is for the cornerstones within the bank’s societal impact strategy.

At Danske Bank, Emil Toft Hansen from Copenhagen University is composing their company PhD thesis on financing habits of residents residing in Denmark. Associated with this, he has got charted cash advance usage among around 20,000 Danske Bank customers. Their findings reveal that 40% of all of the pay day loans are applied for by young adults involving the many years of 18 and 29, plus in two away from three instances the borrower that is young a guy.

Based on Louise AggerstrГёm, personal economist at Danske Bank, the truth that a lot of teenagers are taking right out high-interest pay day loans is an issue:

“Taking out a quick payday loan – plus in specific taking out fully several payday advances – can be the start of a downward monetary spiral. Even for you to end up paying back a great deal more because the interest rate is high if it’s only a matter of modest loans taken out to finance gaming, a new mobile phone, a night out or similar, it’s easy. Continuer la lecture de « New findings: teenage boys will be the biggest users of pay day loans »