Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?

@article{Agarwal2009PaydayLA,
  title={Payday Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?},
  author={S. Agarwal and P. M. Skiba and J. Tobacman},
  journal={Experimental & Empirical Studies eJournal},
  year={2009}
}
Using a unique dataset matched at the individual level from two administrative sources, we examine household choices between liabilities and assess the informational content of prime and subprime credit scores in the consumer credit market. First, more specifically, we assess consumers' effectiveness at prioritizing use of their lowest-cost credit option. We find that most borrowers from one payday lender who also have a credit card from a major credit card issuer have substantial credit card… Expand
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