Funded PhD Research

Christine Dobridge

Payday Lending and Consumer Expenditures

Finance Department; Faculty Adviser: Todd Gormley

This research looks at the impact of access to small, short-term, high-interest loans on consumer purchases. Specifically, it investigates whether consumers spend the loan on necessities such as utility bills and car repairs or on discretionary goods. It uses micro-level data from the Survey of Consumer Expenditures and data on changes of state-level access (banning vs. enabling) to payday loans over time. This research is timely given the expected changes in the consumer credit landscape due to the recent founding of the Consumer Financial Protection Bureau.

Publications, Presentations & Awards


Dobridge, Christine L. (2018), High-Cost Credit and Consumption Smoothing, forthcoming, Journal of Money, Credit and Banking.

Dobridge, Christine L. (2014), “Heterogeneous Effects of Household Credit: The Payday Lending Case,” Working Paper,