Did you know?

• 7 in 10 Americans have less than $1,000 in savings in case of emergency.
• 34% of Americans have zero savings.
• 5% of Americans have relied on payday loans or similar services.

Customer Demographics – per a Georgetown University McDonough School of Business study:

• Majority earn between $25,000 and $50,000.
• 90 % have a high school diploma or better, 54 % have some college or degree.
• 53 % are under 45 years old (only 9 % are 65 or older).
• Majority of customers are married and 63 % have children in household
• 32 % own homes, 54 % have credit cards, 100 % have steady incomes, 100 % have checking accounts.

For more information, go to:  http://cfsaa.com/about-the-payday-advance-industry/customer-demographics.aspx

This blog post was written by Michael Brown, President of CAB Consulting and the Texas Organization of Financial Service Centers.  He can be reached at 214-293-8676, or Michael@CreditAccessBusiness.com.