Effects of the Pandemic

Several markets contracted, including credit cards, single payment credit products, and subprime auto financing.

Largest Spending Drivers

Financially Coping and Vulnerable households spent $63 billion on used auto loans and $90 billion in interest and fees on general purpose credit cards.

Inequities by Race and Ethnicity

Black households were 2.7 times more likely to use pawn loans and 3.8 times more likely to use payday loans than White households. Latinx households were 3.1 times more likely to use payday loans than White households.

Inequities by Income

Low-to-moderate income households were seven times more likely to use pawn loans and, among checking account holders, 1.8 times more likely to have overdrafted than higher-income households.