This paper examines how minimum wages affect lender and borrower interactions with consumer credit markets. We find that higher state minimum wages: increase the supply of unsecured credit, reduce payday loan usage, decrease delinquency, and increase credit scores. Overall, minimum wages reduce borrowing costs and have positive spillover effects on disposable income and liquidity. A back-of-the-envelope of the cost savings indicates that higher minimum wages increase disposable income by 1.3 percent more than implied by estimates of the direct effect on earnings. *Contact: lisa.j.dettling@frb.gov; Federal Reserve Board, 20th and C St NW, Washington, DC 20551; joanne.w.hsu@frb.gov; Federal Reserve Board, 20th and C St NW, Washington, DC, 20551. We thank Dan Aaronson, Neil Bhutta, Melissa Kearney, Kevin Moore, John Sabelhaus, Jeff Thompson, Paul Wolfson and seminar participants at the Federal Reserve Board, George Mason University, National Tax Association Meeting, Federal Deposit Insurance Corporation, Census Bureau, Bureau of Economic Analysis, Federal Reserve System Applied Micro Meeting, and the European Central Bank Household Finance and Consumption Network Meeting for comments. Elizabeth Llanes and Peter Hansen provided excellent research assistance. The analysis and conclusions set forth are those of the authors and do not indicate concurrence with other members of the research staff or the Board of Governors.

中文翻译：

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最低工资和消费者信贷：对获取和借贷的影响

本文研究了最低工资如何影响贷方和借方与消费者信贷市场的互动。我们发现较高的州最低工资：增加无抵押信贷的供给，减少发薪日贷款的使用，减少拖欠，并提高信贷评分。总体而言，最低工资降低了借贷成本，并对可支配收入和流动性产生了积极的溢出效应。成本节约的背面表明，较高的最低工资将可支配收入增加的幅度比对收入的直接影响的估计所暗示的高出1.3％。*联系人：lisa.j.dettling@frb.gov；20th and C St NW，Washington，DC 20551; joanne.w.hsu@frb.gov; 美联储委员会（Federal Reserve Board，20th and C NW），华盛顿特区，20551。我们感谢Dan Aaronson，Neil Bhutta，Melissa Kearney，Kevin Moore，John Sabelhaus，Jeff Thompson，保罗·沃尔夫森（Paul Wolfson）和联邦储备委员会，乔治·梅森大学，国家税务协会会议，联邦存款保险公司，人口普查局，经济分析局，联邦储备系统应用微型会议以及欧洲中央银行家庭金融和消费网络的研讨会参与者会议征求意见。Elizabeth Llanes和Peter Hansen提供了出色的研究帮助。提出的分析和结论是作者的，并不表示与其他研究人员或理事会成员同意。以及欧洲中央银行家庭金融和消费网络会议征求意见。Elizabeth Llanes和Peter Hansen提供了出色的研究帮助。提出的分析和结论是作者的，并不表示与其他研究人员或理事会成员同意。以及欧洲中央银行家庭金融和消费网络会议征求意见。Elizabeth Llanes和Peter Hansen提供了出色的研究帮助。提出的分析和结论是作者的，并不表示与其他研究人员或理事会成员同意。