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Payday Loans Are on the Decline as U.S. Economy Improves
Fewer Americans are taking out short-term, high-interest loans
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Payday lending is declining as the U.S. economic expansion matures and Americans’ financial situations improve, according to figures from the Federal Reserve’s Survey of Consumer Finances report released Wednesday. The percentage of Americans who said they took out a payday loan in 2016 dropped to 3.4 percent from 4.2 percent in 2013, the report showed.