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Exactly why are millennials switching to pay day loans and pawn stores?

What makes millennials switching to payday advances and pawn stores?

More millennials are switching to pay day loans and pawn shops for necessary cash — techniques that may offer relief that is immediate but frequently end up in deeper financial obligation.

That’s relating to a brand new research on millennials and financial literacy because of the worldwide Financial Literacy Excellence Center at George Washington University. The research shows just how much millennials have trouble with individual finance: of the surveyed, 42 % had utilized an alternate economic solution, a broad term which includes automobile name loans, taxation reimbursement advances and rent-to-own services and products, within the 5 years before the research.