online cash advance
Looking For a Buffer
The authors’ study results appear to indicate that tax refund checks and online cash advances play a similar role, although the one-time nature of a tax refund means that the buffer it provides against surprise expenses is temporary. Considering the average appearance of respondent demographics, it could serve to reason that the predominance of those in the survey who claimed they had to depend upon credit of the online cash advance nature during emergencies are in fact… average people. They are not an exploited minority or fringe group. The case of temptation spenders – being more aberration than norm in the study – could simply indicate that there will always be a segment of the population governed by impulse rather than genuine need. Such a condition exists among online cash advance users, but it is hardly symptomatic. Numerous studies indicate that more extreme financial behavior exists throughout society and is not confined to lower income groups.
Everyday Living and Online cash advances Do Not Mix
Clearly, everyday dependence upon online cash advances (such as those observed in the temptation group) is harmful. The temptation group’s habits placed them in a situation where they needed to use their tax refund for staving off catastrophic situations like eviction or utility shutoff. Excessive use of online cash advances (just like excessive use of credit cards or other types of consumer loans) could lead to such difficult financial straits. The onus falls upon the consumer (whom studies like Bertrand and Morse’s indicate are generally educated) to correct their behaviors or seek help in doing so. To their credit, reputable online cash advance companies are able to steer consumers in the direction of credit counseling, should the need exist.
Borrowing Decisions: A Product of Duress, Not Coercion
The bulk of American society has been under financial duress during the current recession. It’s difficult to argue otherwise. The constraint of one’s shrinking economic reality forces them to make difficult decisions. Bertrand and Morse suggest that while their study tracks spending and borrowing patterns of online cash advance customers, what is truly needed is a study that reveals the thought process an individual goes through when facing financial shocks. If it is reasonable to assume that the bulk of those surveyed in the authors’ study – low-to-mid use online cash advance customers who are covering for infrequent troubles – correlate into a bulk of American society, then it would seem that this generally educated populace is reacting to harsh conditions. That there is not a permanent reduction in online cash advance use observed in either of the surveyed groups would seem to suggest that even after the tax refund check has made its impact, economic environment conditions persist. These are educated people – “average” in age and income – who run into difficult situations. If online cash advances can spare them from financial catastrophe, it is not unreasonable to think that they would consider the option.
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