Table 3 provides summary data for three kinds of personal debt: general-purpose bank-issued charge card financial obligation, shop credit debt, and consumer finance loans. The average credit card balance is $3,651, with about 57 percent of observations having a positive credit card balance across all consumers and quarters. 14 Because pay day loan borrowers are likely to stay the underside end for the credit-risk-score circulation (see Bhutta, Skiba, and Tobacman 2015), we additionally limit our analysis towards the subset of customers by having an initial credit risk score below 600 since payday loan bans most straight impact this subgroup. 15 the typical balance in this low-score test is $1,630, and just 44 % have good stability.
Retail card balances are much smaller, on average, than bank card balances, and far less people seem to utilize cards that are such. (mais…)