Therefore, seniors have actually the amount that is highest owing on pay day loans.

Therefore, seniors have actually the amount that is highest owing on pay day loans.

Doug Hoyes: And you’re right, that is scary cause we define seniors as people 60 years and over, so a significant proportion of those people are retired, in fact 62% of the people are retired if you’re a senior, and.

Ted Michalos: That’s right; they’re pensioners on fixed income. So, they’re never planning to get that 3rd paycheque that a great deal associated with the middle income people rely on to repay their pay day loans. They understand they’re obtaining the exact same amount of cash each month. Therefore, if they’re getting payday advances it means they’ve got less overall accessible to pay money for other items.

Doug Hoyes: therefore, the greatest buck value owing is because of the seniors, but in regards to the portion of people that utilize them, it is younger individuals, the 18 to 30 crowd. Read more