Within these components, financial literacy is actually low, and folks have a tendency to alive income to income
Term pawn financing, a practice in which a loan provider retains the fresh new identity so you can an excellent buyer’s car once the collateral into a transaction, is common into the straight down-money Georgia groups in which household usually not be able to pay for unforeseen costs such as for example scientific expenses otherwise automobile solutions. Georgia hosts three of state’s prominent auto identity credit companies, plus in 2016, Georgia ranked 6th higher in the united states towards level of car term funds. 1 Name pawn loan providers prey on consumers with lower monetary literacy and you can draw in desperate borrowers by providing easy money and no borrowing look at. dos Those individuals Georgians next lose its just form of transportation, further capturing them when you look at the a cycle of debt and you can impoverishment. Leia mais →