Millennials deal with short-term sources of debt including Alternative Financial Services (AFS), such as payday loans and pawnshops.
In the past five years, a large number used AFS:
• 50% with a high school degree or less
• 28% with a college degree
• 39% who have a bank account
• 35% of credit-card users
AFS is widespread among this generation, common even for households generally referred to as “middle-class.”