High‐Cost Credit and Consumption Smoothing. This paper ended up being previously circulated as “For Better and for even worse? Aftereffects of Use Of High‐Cost Credit Rating.”

We thank the editor, Robert DeYoung, an referee that is anonymous Todd Gormley, Mark Jenkins, Paul Landefeld, Donald Morgan, Nick Roussanov, Luke Taylor, and Jeremy Tobacman for helpful responses, along with seminar participants at the Wharton School, the GW/FRB/GFLEC Financial Literacy Seminar in addition to 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 during the payday loans Wyoming Bureau of Labor Statistics for help accessing the private Consumer Expenditure Survey files, and I also have always been grateful to Paul Amos for the Wharton GIS lab for help with GIS. The Jay H. Baker Retailing Center in the Wharton class supplied nice monetary support for the task before the writer’s employment utilizing the Federal Reserve.The analysis and conclusions expressed in this paper are the ones regarding the writer and don’t always reflect 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 limited usage of Bureau of Labor Statistics (BLS) information. The views right here usually do not always mirror the views for the BLS.

Abstract

In this paper, We reveal that high‐cost credit helps households smooth usage following periods of short-term financial stress. After experiencing distress—that is, extreme climate events—I discover that access to high‐cost payday lending mitigates declines in general investing and nondurable products investing generally speaking. The outcome are especially concentrated among households with an increased tendency to utilize payday credit or that have restricted alternatives: low income households, households with not as much as 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 use of other styles of credit.

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