AUSTIN, Texas, October 11, 2021 / PRNewswire-PRWeb / – More than 12 million Americans take out a payday loan each year, and a study of DebtHammer.org set out to find the major cities in the United States with payday loan problems.
To mark National Savings Day on 12 october, DebtHammer weighed data from US cities of 500,000 or more to compare the issues. The results of “Cities with the worst payday lender problems” revealed that the following cities were at the top of the list:
1. Memphis, Tennessee.
2, Jackson, miss.
3. Las Vegas
4. Baton Rouge, Louisiana.
5. New Orleans
6. Nashville, Tennessee.
7. Chattanooga, Tennessee.
8. Dallas-Fort Worth
ten. Birmingham, Alabama.
Some of the factors that DebtHammer uses to determine the ranking of each city include:
– The number of brick and mortar payday loan showcases.
– The number of complaints filed with the Consumer Financial Protection Bureau per 100,000 inhabitants.
– Google Trends search volume for “payday loans“.
Three key points of the study:
1. Payday loans are a bigger problem in the South: six states – Tennessee, Mississippi, Nevada, Louisiana, Texas and Mississippi – are represented in the Top 10. Five of them are in the South – Nevada is the outlier. The likely reason: a high number of unbanked residents. All states in the list except Nevada have an unbanked population of 7.1% or more.
2. Betting on Borrowers: All of the top five cities are located within 80 kilometers of a casino. The game is a 110 billion dollars in the United States, and lenders are often available locally. Up to 23 million Americans go into debt because of gambling, with an estimated average loss of around $ 55,000.
3. In Tennessee, you can place a bet and get a loan in one place: Tennessee is the only state with three cities in the Top 10 and a unique factor: it is possible to Tennessee bettors to get a loan and place a bet under the same roof.
Read the full report at https://debthammer.org/cities-with-the-worst-payday-lending-problems-study/.
DebtHammer is an industry leader in the fight to get Americans out of debt.
Please email [email protected] for more information, or if you would like to schedule a phone or video call with the CEO of DebtHammer, Jake hill.
Feel free to embed any of the visuals included in the report on your website, or use or modify the raw files as needed. Full data sets are available on request.
THE SOURCE debthammer.org